Wabash Place Apartments
Wabash Place Apartments- Investment Summary
Wabash Place, a seven story building in the heart of the Chicago “loop’, will contain approximately 5,800 square feet of First Floor retail space and sixty (60) residential units on six levels. The residential units are comprised of studio, convertible, one and two bedroom apartments. Amenities include fitness center, garden,and patio areas along with a Jacuzzi and Spa facility.
The Developers is seeking an equity investment partner to invest Seven Million ($7,000,000) on terms to be negotiated.
5,800 Square Feet of Desirable Ground Floor Retail Space 60 Compact upscale Apartments
$19.6 Million Project Cost
Financing of $12,600,000 – 65% Total Equity Required $7,000,000 – 35%
5,800 SF of Ground Floor Retail
30 Studio I Convertible Apartments 24 One-Bedroom Apartments
6 Two-Bedroom Apartments
Green Roof Deck Jacuzzi & Social Garden Fitness Facility & Bike Room
Internet Lounge & Tenant Storage
Projected Project Level Data
Exit Scenario Low Case Base case High Case
Target Investment Term 3 years 4 years 2 years
Target Sales Price $35.3 million $36.4 million $40.0 million
Target Exit cap Rate 7% 6.5% 5.5%
Deal Returns: .
Deal Profit 9.1 million $9.4 million $11.0 million
Deal IRR 12.1% 20.55 23.0%
* Investor terms to be negotiated.
For more information call or email:
National Marketing Director
Open Source Capital, LLC
312 SE 17th Street, Second Floor
Fort Lauderdale, FL 33316