Breneman Capital Acquires West Loop Apartment Building

Breneman Capital, a Chicago multifamily investment firm, acquired the Ashland Place apartment complex in the city’s West Loop. Ashland Place was built in 2018 and consists of 47 total units, including two one-bedroom and one-bathroom as well as 45 two-bedroom and one-bathroom units.

The investment includes an attractive loan assumption at 73.5 percent loan-to-value, 4.6 percent fixed interest rate, and roughly five years of remaining term. The property will be managed by Dwelle Properties, a full-service property management firm.

Breneman Capital plans to maximize the building’s value by eliminating loss-to-lease, increasing ancillary income and optimizing expenses. The acquisition expands Breneman Capital’s footprint in the Chicago multifamily market, where the firm has been investing for more than a decade.