Madison Throop Place

1247-1249 W Madison St, Chicago, IL 60607
Strategy: Levered Core
Status: Current
Purchase Price: $32,800,000
Acquisition Date: 10/20/2020
Size: 72 Units + Commercial
Off-Market, Loan Assumption

Madison Throop Place is an institutional-quality core multifamily asset located in Chicago’s West Loop neighborhood, home to Chicago’s hottest restaurants and corporate offices like Google and McDonalds.

Within 24 hours of touring, we were under contract to purchase the property and preempted a full marketing process. Our persistence paid off immediately as we acquired Madison Throop Place at a significant discount ($420k/unit; $409/sf) relative to other properties the developer had built in the West Loop: 1050 W Monroe ($549k/unit; $491/sf) and 1245 W Jackson ($460/unit; $464/sf).

Our plan with Madison Throop Place is to hold long-term for cash flow and appreciation over time. We have already ensured this will be a strong performing investment having acquired it at such a discount during the COVID-19 pandemic.