Wabash Place Apartments

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.

Investment  Highlights

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%

 

Building Description

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:

Dustin Gold

National Marketing Director

Open Source Capital, LLC

http://www.opensourcecap.com

312 SE 17th Street, Second Floor

Fort Lauderdale, FL 33316

954-650-6798

Direct: 954-394-6655

dustingold@gmail.com