Breneman Capital's Successful Sale of Elston Property Delivers Strong Returns

On January 18th, 2024, Breneman Capital successfully sold Elston – an apartment property located at 3507-3511 N Elston Avenue in Chicago’s Avondale neighborhood.

Breneman Capital has been very active in the Chicago market recently, with this disposition immediately following the purchases of Ashland Place and Adams Laflin Place in November and December 2023, respectively, as well as the sale of our Palmer property in December 2023.

Elston is one of 23 multifamily properties we have purchased in Chicago since 2013; and this investment serves as another great testament to our success in the market, realizing a 19% IRR and 1.96x Equity Multiple over a 4.4-year hold period.

Breneman Capital originally purchased Elston in August 2019 for $3,500,000 after we were drawn by the property’s newer construction, rental upside, and rapidly improving neighborhood. Breneman Capital increased rents by 21% over the hold period and ultimately sold it for $4,050,000 after 53 months of ownership.

Elston was built in 2009 and consists of 12 total units, including three (3) 2-bedroom/2-bathroom and nine (9) 3-bedroom/2-bathroom floorplans. The property features luxury condominium-level finishes, private balconies, in-unit washer/dryers, and rooftop decks with panoramic views of the Chicago skyline. It is also proximate to the Blue Line’s Belmont station and popular restaurants such as Parachute, Honey Butter Fried Chicken, and Revolution Brewery.

Although the property was sold in 2024, a time amid market uncertainty and high-interest rates, we still delivered phenomenal returns to our investors. We would like to again thank our investors and partners for their continued trust in Breneman Capital, and we look forward to building upon this success in 2024.