Past Sales

The Malt House is a 118-unit, boutique elevator multifamily property located in one of the fastest growing submarkets of downtown Milwaukee. The Malt House is positioned to capture demand from young urban renters, offering attainable rents relative to new-construction product with all the perks of Class A living - a model that is impossible to replicate today.

The Malt House was redeveloped in 2021, delivering an unmatched product in the rental market with an industrial aesthetic, luxury finishes and robust amenities. The property is positioned for more operationally focused ownership, as the market continues to show demand for this product type, with rents growing 6.8% on new leases and 5.3% on renewals since September.

EXTENSIVE RENOVATION OFFERED WELL BELOW REPLACEMENT COST

a. Current ownership underwent a 5-year conversion project, delivering the property to market in 2021

b. Unique industrial aesthetic with Class-A unit finishes including stainless steel appliances, white shaker cabinets, granite countertops, and white subway tile backsplash

c. Robust amenity package including atrium, co-working lounge, game room, fitness center, movie theatre room and rooftop deck

UNIQUE RENTAL PRODUCT CATERING TO YOUNG PROFESSIONAL TENANT BASE LOOKING FOR HIGH-END LIVING AT ATTAINABLE RENTS

a. Attainable rents offered at a 15% discount to Class A product in the submarket

b. Strong recent lease trade outs – 6.8% on new leases and 5.3% on renewals since September

c. Large floor plans – Average unit size 19% larger than comp set average

d. Top tier amenities comparable to new-construction product

ASSET IMMEDIATELY ADJACENT TO MASSIVE DEER DISTRICT PUD AND TOP DOWNTOWN MILWAUKEE DESTINATIONS

a. Deer District Development (since 2019) – 1.3b sf of entertainment, 1,000 residential units, 600 hotel keys and 200k sf of office space

b. Part of Brewery District Redevelopment – $300m investment across 16 repurposed historically significant buildings totaling 850k sf

c. Accessible to Marquette Campus (11,600 students), Iron District development ($160m in 2025), and Lake Michigan

MILWAUKEE EMPLOYERS

a. Northwestern Mutual - $1b campus across two buildings and 5,000 employees

b. Six Fortune 500 HQs and additional six Fortune 1000 HQs

c. Walking distance to over 87,000 professionals in Milwaukee CBD

Skyline Towers is a 60-unit, boutique elevator multifamily property located in one of the fastest growing submarkets in the Midwest. Offering large floorplans and underground parking, Skyline Towers is positioned to capture demand from modern renters looking for homelike living with the convenience of renting.

Skyline Towers was developed in 2017, delivering an unmatched product in the rental market. The property is now positioned for more operationally focused ownership, taking advantage of unrealized supplemental income while continuing to ride the wave of outsized rent growth in the Kenosha submarket.

Capture Operational Upside

Improve operations by capturing nearly $50,000 of additional annual income by charging market standard fees for parking and storage.

Booming Kenosha Job Market

Over 8,000 jobs added since 2010 through major corporations such as Amazon, Uline, Kroger, Haribo, and Nexus. There is another 4.5 MSF of industrial development projected to bring 1,000 more jobs to the area.

Assumable Debt with Term

The acquisition of Skyline Towers offers attractive assumable agency debt at 4.79% maturing in September 2030. The current loan balance is in line with today’s market loan to value.

Fundamentals Poised for Strong Rent Growth

Area home values have increased 11.2% in the past year averaging $447,500, making homeownership even less attainable in today’s rising interest rate environment. Skyline Tower’s average rent is only 18.5% the average area income of $101,437. With only 133 units under construction in the submarket, the asset its poised for outsized rent growth.

Best Product in Vibrant Walkable Location

Promenade at Founders Square stands out as the premier offering in its vicinity, boasting top-tier finishes and luxurious amenities that elevate the living experience. The vibrant location adds to the appeal, with convenient on-site retail options and adjacency to the popular Founders Square Park.

6.4% Cap Rate with Impressive Demand

The property is being offered at a compelling 6.4% cap rate. Furthermore, the property showcases remarkable demand as it is currently 100% leased with a waitlist of prospective tenants. This signifies a high level of interest and a positive market outlook for the property.

Northwest Indiana Employment & Amenities

The Northwest Indiana region is rich with abundant employment opportunities. Residents of Promenade at Founders Square enjoy convenient access to the job market in the Chicago area as well as the employment opportunities available in northwest Indiana.

Benefits From Illinois and City Exodus

Nationally there is a migration toward the suburbs. Locally Northwestern Indiana is benefiting from a boom of new residents as people look to escape Chicago in favor of small town charms, taxes and environment.

Proximity to Chicago

Promenade at Founder's Square boasts a prime location, a mere 45-minute drive from the lively city of Chicago. Residents can effortlessly enjoy the abundant amenities, entertainment offerings, and employment opportunities that Chicago provides, all while avoiding the exorbitant costs and inconveniences of city living.

Potential to Develop 60 Additional Units

The acquisition of land adjacent to Promenade at Founder's Square presents a promising opportunity for the development of 60 additional units. Two additional parcels of land are currently available for purchase at a price of $550K. Importantly, the site is already properly zoned and prepared, streamlining the development process.

AM 1980 is a 132-unit boutique luxury apartment community at the entrance of Chicago’s vibrant Logan Square neighborhood, a market that has outperformed downtown Chicago submarkets over the last 18 months. Conveniently located just steps from the Western Blue Line CTA stop and surrounded by premier retailers, this property is ideally situated to capture demand from a growing demographic of high-income renters in Logan Square; with household income increasing 39% since 2019. Offering immediate access to over 796,000 employees in downtown Chicago and the O’Hare office market via the Blue Line, AM 1980 is perfectly positioned for today’s urban commuter.

GROWING POPULATION OF HIGH-EARNING RENTERS IN LOGAN SQUARE

Average household (HH) income within 0.5 miles of AM 1980 of $178k is 1.6x above the Chicago average. 57% of Logan Square is renter occupied. Average home values have increased 45% since 2019 to $537k.

ROBUST SUBMARKET FUNDAMENTALS

Rents in Logan Square grew 5.5% in 2023 and occupancy averaged 96%. The massive supply/demand imbalance continues to give landlords pricing power.

IDEALLY SITUATED IN A TRANSIT-ORIENTED LOCATION WITH HIGH BARRIERS TO ENTRY

One minute from the Western Avenue Blue Line CTA stop; residents can travel to downtown in 18 minutes and to O’Hare in 35 minutes. Residents also have convenient access to I-94 via Armitage and immediate access to bike trails on Milwaukee Ave.

GROWTH OF LOGAN SQUARE

Thriving retail submarket with 8 grocery chains and 15 Michelin-recognized restaurants. Recent investments include an $88M overhaul of historic Congress Theatre, as well as a community plaza with more walking and bike trails, in addition to the popular 606 trail.

The Fairway, a 167-unit, 298-bed student housing community, enjoys a strategic position near Purdue University’s bustling campus. With over 58,000 students within walking distance, The Fairway is poised to capture demand from an expanding student base seeking an attainable rental price point compared to new-construction properties which are 27.6% more expensive with an average market rent of $1,139 per bed.

The Fairway was originally constructed in the 1960s and had a third phase delivered in 2007. In 2018, all 12 buildings received extensive renovations, including brand-new appliances, in unit washer/dryer, upgraded flooring, stylish countertops, and modern cabinets. The property boasts ample amenities, including a pool, hot tub, fitness center, community room, and fenced dog park.

Recently renovated, well-amenitized, off-campus student housing

a. Recently renovated units featuring in unit washer/dryer, stainless-steel appliances, vinyl plank flooring, quartz countertops and modern cabinets

b. Full amenity package featuring a pool, hot tub, fitness center, community room, and fenced dog park

c. Well positioned just one mile from Top 10 Nationally Ranked Purdue University - over 58,000 students and 18,000+ employees

d. Immediate access to top retailers including grocers Walmart, Fresh Thyme, and Aldi, along with major convenience stores Walgreens and CVS

Record setting applications & minimal supply

a. Record number of applicants – Purdue University saw 7.8% YOY growth in applications for the 2024/25 school year with 78,526 submissions, and a 37.1% cumulative increase over the past 5 years

b. Outsized rent growth and tight occupancy driven by record enrollment - 16.6% rent growth in 2024 at Purdue with 98.8% occupancy, with 10.4% average YoY rent growth over the past 5 years for off-campus housing

c. Full-time enrollment dramatically outpaces supply – with 12,936 beds, off-campus supply equates to 26.2% of full-time enrollment, and only grew 3.9% (1,105 beds) in 2024 compared to a 10.6% increase in full-time enrollment

Opportunity to invest capital to elevate the asset and push rent

a. Despite being in receivership since December 2023, the asset has seen rent grow a staggering 17.2% from $761 per bed in 2024/25 to pre-leasing at $892 per bed for the 2025/26 school year

b. Average Off-Campus Rent/Bed is $1,078, a $186 gap that can be taken advantage of with additional capex to improve property condition, rejuvenating amenities, implementing a shuttle service and furnishing the units