Greenview - SOLD

Realized Gross Returns:
IRR: 52%
Equity Multiple: 2.8x
Hold Period: 8.5 Years

1300 N Greenview Ave, Chicago, IL 60642
Strategy: Add Value, Cash Out Refinance
Status: Realized
Purchase Price: $1,622,500
Acquisition Date: 3/13/2017
Sale Price: $2,190,000
Sale Date: 9/10/2025
Units: 6 Units
Off-Market, 1031 Exchange Replacement Property

Greenview is a multifamily building renovated in 2016 located in the Noble Square neighborhood, near downtown Chicago, with quick access to the Kennedy Expressway and the Blue Line’s Division Station.

While selling a property in Madison WI, Breneman Capital sought suitable replacement properties for a potential 1031 tax-deferred exchange. That’s when Breneman Capital sourced Greenview in a non-competitive, off-market capacity.

Breneman Capital sourced the opportunity by contacting the property manager and eventually persuading the owner to sell. Our reputation played a significant role in securing the transaction given that we provided certainty of close, which was critical for the owner as they had also intended to execute a 1031 tax-deferred exchange.

Within the first five months of ownership, we distributed 102% of the initial required equity via tax-free refinance net proceeds. (This very quick refinance is in large part why this investment returned an excessive IRR.) Over the course of our hold period, we increased revenue at the property 31% which drove the 35% increase in value from acquisition to sale.