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Dwelle Acquires West Loop Apartments in “COVID-Era Deal”
Dwelle acquired a rental complex at 1247-1249 W Madison St. in Chicago’s West Loop for $32,800,000, or $420,513 per unit. The fully-leased property consists of 72 luxury apartment units, six commercial units and a heated parking garage with 1:1 parking.
“It’s a COVID-19 era deal,” said Drew Breneman, Dwelle’s managing principal. “The going-in cap rate is higher than anything we’ve come across in years of comparable size and quality.”
He added, “We like the price per pound we are getting here, too. Our purchase price is 20% below the per-unit and per-foot price that the Monroe Aberdeen apartment building sold around the corner for in March.”
At 1247-1249 Madison, Dwelle will be able to “implement strategies to push the income we’ve done at other buildings: run the leasing ourselves, implement utility packages, optimize the rent pricing, re-evaluate every cost and process with fresh energy,” said Breneman.
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- ◦Sale/Acquisition
