Westmont Village Apartments

Westmont Village Apartments

Multifamily (Chicago – DuPage County)

The Equity Growth Opportunity:

  • Consolidate the ownership of 93 six flats with 64 individual owners, implement institutional quality management, and reposition the asset as premiere work-force housing community in the area.

Comments

  • Initiated and completed acquisition over five months, closing on 90% of the six-flat “Buildings” within five months and the remainder with a total of seven months.
  • Stabilized asset within first year of ownership, including eliminating suspect gang activity in several Buildings.
  • Realized rents substantially above original projections. Fully renovated two-bed apartments are achieving ‘all-in’ rents of $1,300 per month as compared to $860 prior to acquisition, a 50% increase.
  • WVA sold within three years. Our OREP Fund investors received an 18% IRR with only 65% leverage.