Damen & Lister

2323 N Damen Ave, Chicago, IL 60647
Strategy: Levered Core
Status: Current
Purchase Price: $13,150,000
Acquisition Date: 2/19/2020
Units: 30 Units + Commercial
Off-Market, Repeat Broker, Repeat Seller, Loan Assumption

Damen & Lister is a mixed-use property in Chicago’s trendy Bucktown neighborhood. This property appealed to us since it was another discounted off-market property that required a loan assumption and had significant loss to lease. We were the only firm given the opportunity to purchase the property and acquired it at an extremely attractive price.

Our goal with the asset is to generate cash flow and long-term equity build-up through asset appreciation and loan amortization over time. We maximized the parking income, eliminated any meaningful discrepancy in rents between units in the same tiers by raising rents as much as $400/mo on a given unit, and obtained renewals of two critical commercial leases.