Aura

3821 N Ashland Ave, Chicago, IL, 60613
Strategy: Core-Plus
Status: Current
Purchase Price: $17,500,000
Acquisition Date: 6/24/2025
Units: 48
Off-Market

The Aura marked our 25th acquisition in Chicago. Like most of our previous investments, it was sourced directly through the developer without any broker involvement, at favorable pricing relative to similar trades in the market.

New leases signed already exceed our initial rent assumptions. With a 70% LTV and a 5.27% fixed interest rate Freddie Mac loan, the opportunity represents positive leverage on day one and a strong cash flow profile.

The Aura is located in the Lakeview neighborhood, close to highly amenitized areas such as Wrigleyville and the Southport Corridor. Chicago continues to lead the country in rent growth while also being one of the most supply-constrained markets.