Adams Laflin Place

128 S Laflin St, Chicago, IL 60607
Strategy: Core-Plus
Status: Current
Purchase Price: $18,500,000
Acquisition Date: 12/29/2023
Size: 52 Units

Adams Laflin Place is a Class A, 52-unit multifamily property built in 2020 and located in Chicago’s West Loop, which is one of the most desirable and amenity-rich neighborhoods in the country.

Breneman Capital was in an excellent position to acquire the property, having transacted with the seller in the past (Madison Throop Place). Our team diligently tracked the property since its construction and patiently anticipated when it would be available for purchase.

At a basis of $356k/unit and $318/sf, Adams Laflin Place represents a roughly 20% discount to replacement cost and comparable trades in the West Loop. Breneman Capital also identified several areas for operational improvement in order to optimize return potential while utilizing modest leverage at 65% loan-to-value, 5.53% fixed interest rate, and full-term interest-only debt payments.

The investment profile is predicated on high cash flow, downside protection, long-term thinking, and pride of ownership.