Eagle Creek Apartments
Eagle Creek Apartments
Multifamily (Chicago – DuPage County)
The Equity Growth Opportunity:
- Complete extensive upgrade of the exterior look of the property, and selectively improve unit interiors and constructing a club house.
Comments:
- Total revenue per unit increased 24% ($843 per unit in August 2014 vs $1,044 in August 2016) and we only renovated 40% of the apartments.
- Our annualized NOI figures increased 33% in our first two years of ownership ($1.82 million vs. $2.43 million).
- We sold Eagle Creek Apartments after three years and achieved a project level IRR upon sale of 27% with only 66% leverage.