How We Increased Seminary's Value: A Breneman Capital Case Study
Breneman Capital is pleased to announce the successful sale of our Seminary investment in Chicago for $2,535,000.
We acquired Seminary, located in Chicago's Lakeview neighborhood, in January of 2018 off-market with no competing offers for $1,997,500. A broker familiar with our successful track record sent this opportunity to us, and we delivered. The seller sought to dispose of the property and wanted an experienced buyer since the property needed improvements.
Breneman Capital replaced the roofs, water heaters, carpeting, in-unit laundry, and toilets with low-flow models, then installed new furnaces and air conditioners, fully renovated two kitchens and several bathrooms, refinished the hardwood floors, and repainted the entire building an on-trend color.
Our renovation was successful, and in the first 18 months, Breneman Capital:
Increased annual rental income 20%
Distributed more cash to our investors than was initially invested into the property
Executed a refinance with a $2,094,000 loan amount, exceeding our cost basis of $2,070,000
Over the life of the investment, Breneman Capital increased the annual income from the property by 38% from the acquisition date to the sale date.
We welcome you to read more about Seminary and other past successful investments on our website.