Breneman Capital acquired the apartment community known as Adams Laflin Place located at 128 S Laflin Street in Chicago, Illinois. This purchase immediately follows Breneman Capital’s acquisition of Ashland Place located at 33 S Ashland Avenue from the Jerry Reinsdorf-backed Michigan Avenue Real Estate Group.
The property resides just west of Skinner Park and features luxury condominium finishes and unobstructed views of the Chicago skyline. The investment basis represents a significant discount to replacement cost and trades of comparable properties in the West Loop neighborhood.
The property will be managed by Dwelle Properties, a full-service property management firm founded in 2019 by Drew Breneman and Sam Meyer. Breneman Capital intends to maximize value by capitalizing on its existing scale and synergies in the Chicago multifamily market to eliminate loss-to-lease, increase ancillary income, and optimize expenses to be in line with comparable properties across its portfolio.
“Adams Laflin Place is our second acquisition in the West Loop in as many months, following our purchase of Ashland Place in November. That brings our total footprint to 171 units in just the West Loop neighborhood alone. We were mostly buying 6 to 8-unit properties when we began investing in Chicago in 2013, so it’s truly rewarding to see how far we’ve come. Trading up in size, quality, and location is a testament to our company’s growth trajectory and the trust we’ve built with our investors,” says Evan Dillon, 28, Vice President.
“Our company was dormant for three years in terms of new Chicago acquisitions, so purchasing two properties totaling 99 units in back-to-back months is a significant feat. We had a lot of investors, both old and new, join the fold. For them to participate in investments that are best-in-class construction and location is something special,” says Tom Stein, 31, Senior Associate.
“Anyone who lives in or visits the West Loop can see just how desirable the neighborhood is, and that’s consistent with our strategy for how and where to invest long-term. We project very strong returns for our investors, but that it’s through such high-quality real estate is the reason why we are so excited. I think we’d all agree that this is the best property in our entire portfolio,” says Sam Markin, 27, Associate.
“This deal would not have been possible without our exceptional brokers from CRE Advising Steve Horvath and Marc Bombicino. They are phenomenal in what they do, and this is now our 3rd transaction with them. Thank you to Brett Hill at Greystone for providing the financing in such a challenging capital market environment,” says Drew Breneman, 38, Breneman Capital’s Founder & CEO.
