Property Listings

STRONG WORKFORCE HOUSING WITH EXCELLENT OCCUPANCY HISTORY

• Great mix of unit sizes for optionality.
• Only roughly 20% of the tenancy is student with the remaining tenants working in various employment sectors including medical, university, retail and manufacturing.
• The property has averaged over 95% occupancy over the last decade and is currently 96%.

ROBUST RURAL MARKET WITH DEPENDENT ECONOMIC DRIVERS

• Southern Illinois University (SIU), a five-minute drive from the property, is the largest university in the lower half of Illinois. SIU enrolls 12,066 students, holds a Carnegie R1 Research, and generates a $2.7 billion annual economic impact on the region
• Carbondale is the top employment hub of southern Illinois, with major employers including SIU, Southern Illinois Healthcare and Aisin nearby
• The multifamily market has been supply-constrained for more than 25 years, with only 382 units delivered since 2000. The market has benefited from the lack of supply in recent years as the local economy has grown, with rents up 3.6% YTD and occupancy 270 bps above the three-year average.

WELL-POSITIONED TO OUTPERFORM THE MARKET

• Brookside pairs convenient access to campus and local amenities with a quiet, residential setting. Located less than two miles from SIU, the property is well suited to graduate students and university employees seeking a more mature environment. It is important to note that Brookside is not a “student” deal making up less than 20% of the tenant base. It is much more workforce housing for the local economy
• Brookside has consistently performed among the stronger multifamily properties in the Carbondale market. Occupancy has held above 94% since the beginning of 2024, while concessions and bad debt have remained modest.
• A new owner can expect immediate revenue growth in year one from the recently implemented RUBS program. As of October 1, 2026, about 92% of residents are paying monthly RUB fees, which has lifted other income 58% from the T-12 to the T-1.

• The units at brookside have never undergone programmatic renovations. The current owner has upgraded units on an as-needed basis. A new owner can capture meaningful rent upside by completing consistent renovations across all units.
• There has been a handful of 3 bed / 1 bath units converted to 2 bed / 2 bath units. The converted units have achieved greater rents than the three bed units. A new owner has the opportunity to extend the program across the remaining three bed units.
• Investing capital in unit interiors and community areas allows a new owner to capitalize on the shortage of upscale apartments in Carbondale. Communities built since 2000 are 97% occupied with 3.9% rent growth year to date, indicating that renters will pay a premium for higher-quality product in an aging rental market.

Favorable Equity From The City In-Place

The City of Madison provided $1.5 million across two notes to support the property’s conversion from hotel to apartments. The current $1.4 million balance carries exceptionally attractive terms, including no required debt service and $650,000 to be forgiven over the next 13 years. The remaining $750,000 is deferred until a future sale, upon which time it would have profit participation equal to a small share (currently 3.31%) of the property's appreciation. With city approval, these notes may be assumable at sale. In exchange, the property carries a LURA requiring 85 units at 60% AMI rent restrictions. Given the high AMI for the area, the current asking rents, including RUBS, on average $340 below the limit threshold representing strong potential growth.

Severe Lack of New Construction Affordable Housing

There is a disparity between low-income households and affordable housing units in the broader Madison area and the Northeast Madison submarket. Considering a 3-mile radius from the property, there are over 6,000 one and two person households that fall below the 60% AMI threshold, while there are only 640 affordable and one-bedroom units.

Post Stabilization Upside

During the initial lease-up period for the asset, there was significant construction activity on two out lots directly in front of The Point creating access and visibility issues during that vital time. Over the last 6 months, operations have greatly improved, displaying the property's upside through more effective, hands-on management.

New Construction, More Than Affordable

The 180 studio units at the property offer a 23% discount to the average studio rent in the submarket, and a 30% discount to the average of the other new construction studio units in the submarket. The property's amenities and upgraded units also provide a competitive advantage over the rent comp set, where rents are 7% higher than at POW.

Lower Real Estate Tax Exposure

There is likely minimal post sale reassessment risk based on the current fair market value and the potential pricing of the asset, which will be a fraction of today’s replacement cost, especially for a renovated community.

A+ Location

• Situated between Old Town and Lincoln Park—two of the highest earning urban-infillsubmarkets in Chicago, with average per capita income of $116,310 within .5 miles of the property with close proximity to Whole Foods, Apple Store, DePaul University, The Red Line, Halsted Street, the Clybourn Corridor and major retail shops
• In place rent to area income ratio of 17%
• In the heart of this vibrant pocket of Lincoln Park, situated with close proximity to the Chicago River, Post is an early entry into a maturing submarket, with limited supply risk going forward

Appeals to Multiple Renter Profiles, Achieving Top of Market Rents

• Most Attainable Monthly Rents in Chicago at the top of Submarket Rent PSF - buildings in the immediate area charge rents 39% (studios) and 82% (one beds) greater than the average rent/bed at Post Chicago
• In place rents at $5.03 psf, strongest per SF rents in the submarket
• Property revenue derived from three distinct yet related income streams: co-living units servicing young professionals, master leased rental agreement (secured with a hotel license) for short term stays, and traditional apartment units
• 20% of rental income is guaranteed via the master lease through September 2029, significantly reducing leasing risk
• Supply shortfall in Chicago has put upward pressure on monthly rents, with many renters being priced out of traditional studio and one bedroom apartments

Property Positioned for Continued NOI Growth

• NRI growth of 65% since February 2026
• Lease trade outs of 12.17% YTD
• Occupancy stabilized to 95%+ over the last six months
• Strongly secured master lease in place for three years
• Ability for PeakMade Management to stay in place; signed contract through September 2027
  

Development Opportunity In Robust Rural Market

• Ability to add scale in supply constrained market with a development agreement in place incentivizing the construction of 85-90 additional units with TIF already in place.
• 15+ water parks/resorts within five miles of the property; 40,000+ jobs within a 30 minute drive of the property, with proximity to Baraboo employment node (Flambeau, Sysco, Seneca, Ho-Chunk Casino)
• $250M investment into new Dellshire hotel development, generating hundreds of new employment opportunities and providing an upscale alternative to traditional hospitality options
•  Over 500k sf of meeting space in the Dells coupled with 10k+ guest rooms, 100+ restaurants, and over 100 attractions have driven the expansion of the convention business, with nearly 5,600 meetings held annually by prominent organization

Household Incomes Support Continued Rent Growth

• Average HH incomes of $95,354 within a 10-mile radius allows a cushion of $954, as current rent-to-income ratio is 12 pts below the 33% threshold 
• YTD rent growth of 8.2%, propelled by the growth of households earning $100k+ outpacing the 418 class A units within a 20 mile radius of the property
• There are currently no market rate units in the construction pipeline, ensuring the stability of the existing upscale apartments in the market

Operational Upside

• Over the last 6 months, concessions have burned off, while occupancy has remained above 97% 
• Currently managed by a third party property management firm that traditionally manages smaller properties. There is opportunity to for a more marketing-focused management company to methodically increase rents, stagger leases, and manage income & expense growth 
• Opportunity to increase other income by 25-75% by breaking out utility and cable/Internet charges for each BR type, increasing the fee for underground parking, and re-purposing the large amenity spaces in each apartment building
• Ability to re-purpose several underutilized common area amenity spaces into additional 3-5 residential units
  
  
  

Strategically positioned between Jackson Boulevard, Green Street, and Halsted Street, 309 S Green Street sits at the heart of the West Loop–Fulton Market submarket, Chicago’s most desirable and highest performing urban neighborhood. This prime location is just blocks from Downtown Chicago, University of Illinois Chicago campus, Randolph Street’s famed Restaurant Row, major corporate headquarters, and the CTA Blue Line, offering unmatched accessibility and visibility for future multifamily development.