Clybourn & Sheffield

1801 N Clybourn Ave, Chicago, IL 60614
Strategy: Add Value, Cash-Out Refinance
Status: Current
Purchase Price: $4,060,000
Acquisition Date: 6/28/2013
Units: 8 Units + Commercial
Off Market, Renovation

Clybourn & Sheffield is located in the Clybourn Corridor of Lincoln Park, home to some of Chicago’s most expensive residential real estate.

Our firm executed a full renovation of the apartments, which included new kitchens, bathrooms, electrical, HVAC, plumbing, doors, trim, drywall, and windows. We also added in-unit washers and dryers, modernized apartment layouts, and added recessed lighting to each unit.

We DOUBLED the rental income from many of the apartments by upgrading the units. We also obtained multiple property tax reductions and a property tax refund for the prior year.

By 2016, our ownership group was all-in on the project for approximately $4,500,000, put a permanent loan on the property, and pulled out 100% of the initial LP equity invested in the project tax-free. During this refinance, the property appraised for $5,670,000—26% above our basis in the property, demonstrating our success in capitalizing on investment opportunities.