6403 North Wayne
6403 N Wayne is a value-add property with 14 apartments and 3 retail spaces in Chicago’s Edgewater neighborhood. The property was listed at $2,800,000 but was negotiated down to the purchase price of $2,650,000 (approx. $155,000 per unit). The property is a short walk to Loyola University Chicago’s campus which makes it a prime location for student housing and young professionals entering the job market.
ACG’s investment strategy is to add value to the property by making improvements to the building. ACG has and will continue to invest $15,000 per unit, creating an opportunity to raise rents from an average of $1,250 to $1,596 within a one year period. In year four ACG anticipates to sell or refinance the property at an after repair value of $4,000,000 based on a 5.75% cap rate.