The Flats at Gladstone

The Flats at Gladstone

Multifamily (Chicago – DuPage County)

The Equity Growth Opportunity:

  • Consolidate the ownership of 31 six flats with 27 individual owners, implement institutional quality management, and reposition the asset as premiere ‘lower professional’ housing community in the area

Comments

  • Initiated and completed acquisition over ten months, closing on 84% of the six-flat “Buildings;” the remaining Buildings are pending acquisitions.
  • Our intent is to renovate the apartments to offer an upscale living experience; repositioning the property with fully renovated apartments complete with private washer & dryer machines may achieve rents of $1,325, an increase of nearly 35% over estimated $967 existing rents.
  • Location is optimal: multifamily occupancy rates in this submarket are approximately 95% and even higher in B-Class apartments.
  • The employment base in DuPage County is among the best in the nation; the I-88 Corridor, accessible just a few miles south of the property, is a hub for many Fortune 500 companies and company headquarters spanning many industries.