Pierce

2032-2042 W Pierce Ave, Chicago, IL 60622
Strategy: Levered Core
Status: Current
Purchase Price: $7,800,000
Acquisition Date: 8/7/2019
Units: 16 Units
Renovation

Pierce is a core multifamily property in a once-in-a-generation quality location within the Wicker Park neighborhood of Chicago.

When the property was originally listed for sale, we moved on it immediately. We were awarded the deal at a large discount to the asking price because of our track record of trustworthiness and success.

Pierce is a strong investment opportunity because of the ability to raise rents by updating the 20+ year-old interiors and the trophy location where owners rarely sell properties.

Our plan with Pierce is to hold long-term for cash flow and appreciation over time. Since acquiring the property, we have replaced all: furnaces, air conditioners, appliances, and washer dryers. As the units turnover, we will replace all carpeting with vinyl flooring and paint the units in modern color schemes in order to cater to the preferences of today’s renter.