Greenview

1300 N Greenview Ave, Chicago, IL 60642
Strategy: Add Value, Cash Out Refinance
Status: Current
Purchase Price: $1,622,500
Acquisition Date: 3/13/2017
Units: 6 Units
Off-Market, Repeat Broker, 1031 Exchange Replacement Property

Greenview is a multifamily building renovated in 2016 located in Noble Square, near downtown Chicago, with quick access to the Kennedy Expressway and the Blue Line’s Division Station.

While selling a property in Madison, WI for 74% more than it originally paid, Breneman Capital started seeking suitable replacement properties for a potential 1031 tax-deferred exchange. That’s when Breneman Capital sourced two off-market properties: Greenview and Cleaver.

Greenview was acquired in a non-competitive, off-market acquisition. The seller was contacted by a trusted broker Breneman Capital worked with. We eventually persuaded the owner to sell. Breneman Capital provided certainty of close that was critical to this owner since they were looking to execute a 1031 tax-deferred exchange. Our reputation played a large role in securing the deal.

In the first 5 months of ownership, we distributed 102% of the total cash invested in the project back to ownership tax-free, including refinance proceeds. Greenview appraised for $2,170,000—34% more than we paid for the property. It’s one of the strongest examples to date of how Breneman Capital can execute on opportunities.