Breneman Capital Expands Chicago Portfolio with Ashland Place Acquisition, Eyes Adams Laflin Closing

The Breneman Capital team is pleased to announce the successful acquisition of Ashland Place, a Class A 47-unit multifamily property located in the West Loop neighborhood of Chicago.

As we celebrate the integration of Ashland Place into our portfolio, we eagerly await the upcoming acquisition of Adams Laflin Place this December, marking another milestone in our commitment to premium multifamily real estate in Chicago.

This investment profile is one that we believe works in any economy and is predicated on high cash flow, long-term thinking, and pride of ownership.

Our team was in an excellent position to acquire the property, having transacted with the seller in the past. Breneman Capital diligently tracked Ashland Place since its construction and patiently anticipated when it would be available for purchase.

The property was built in 2018 and boasts luxury condominium-level finishes and large floorplans averaging 1,182 square feet. The unit mix comprises two (2) one-bedroom/one-bathroom and forty-five (45) two-bedroom/two-bathroom units. Ashland Place also features a rooftop deck and a 47-space parking garage.

The acquisition also includes an attractive loan assumption at 73.5% loan-to-value, 4.60% fixed interest rate, and roughly five years of remaining term, representing a rare opportunity to achieve day-one positive leverage.

Ashland Place reinforces our footprint in the Chicago market, and more specifically the West Loop – one of the most desirable and amenity-rich neighborhoods in the entire country. The West Loop is highlighted by its bevy of Michelin Star restaurants, proximity to the United Center (the home of the Chicago Bulls and Chicago Blackhawks as well as myriad concerts/events), and high-profile employers such as McDonald’s Global Headquarters and Google’s Midwest Headquarters.

Being only a 10-minute walk from Breneman Capital’s office, the opportunity is emblematic of our roots and local knowledge.

The property will be managed through our in-house management platform, Dwelle Properties, and will serve as an excellent complement to our portfolio moving forward.

Breneman Capital would like to especially thank our investors and partners for helping forge another exciting day in our company’s history. We would be nowhere without your trust.