Chicago Office

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.

Bantr Neenah, a 58-unit furnished apartment community in Neenah, WI, is strategically positioned as a premier flexible term rental option centrally located near major area employers. The property was originally built in 1965 as seniors housing, and was redeveloped in 2022 as a market rate apartment building offering flexible leasing options. This lease structure (3 to 12+ months), targets traveling workers and tenants seeking convenience and flexibility. The average medium-term lease is six months, and is currently achieving a $168 premium over long-term leases.

Bantr Neenah offers an investor the opportunity to acquire the asset outright or recapitalize a majority of the equity and become a partner with the existing operator. Bantr Management is experienced with medium-term rentals and is willing to stay on board in an acquisition or recapitalization event.

BOOST INCOME WITH FURNISHED MID-TERM RENTAL PREMIUMS

Current mid-term rentals are seeing a $168 premium. 25% of the asset is on mid-term leases. New ownership can expand that percentage to increase NOI without any capital investment

HEDGE RISK WITH MID-TERM LEASES

Ownership can adapt to market demands by increases or decreasing the % of mid-term to long-term leases while maintaining high occupancy and cash flow

DIFFERENTIATED OFFERING OVER AIRBNB, FURNISHED FINDER & EXTENDED STAYS FOR TRAVELING PROFESSIONALS

Bantr Neenah provides mid-term rentals that cost 59% less than extended stay hotels, while offering a sense of community with events and amenities like gyms, co-working space, and communal kitchens that Furnished Finder and Airbnb do not provide

OPPORTUNITY TO ACQUIRE PROPERTY OUTRIGHT OR RECAPITALIZE WITH EXISTING PARTNERSHIP

Current ownership and developer, Bantr, is open to either a sale or recapitalization. They would prefer to stay on as manager and be able to provide mid-term management expertise with strong leasing relationships with local employers

CENTRALLY LOCATED NEAR MAJOR AREA EMPLOYERS

Major national firms like Kimberly-Clark, Neenah Foundry, Plexus, and ThedaCare are within a 10-minute drive of Bantr Neenah, providing ample contract-based job opportunities

PROVEN CONCEPT ACROSS 6 LOCATIONS

The Bantr brand has proven to be a successful brand across 6 locations in North Central Wisconsin with 424 units

The Fairway, a 167-unit, 298-bed student-centric housing community, enjoys a strategic position near Purdue University’s bustling campus. With over 52,000 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.

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.

THE PROPERTY

a. Recently renovated units featuring in unit washer/dry, 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 52,000 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

THE MARKET

a. Caters to growing student base – Purdue University saw 7% YOY growth in applications in 2023, and 82% growth since 2013

b. 9.6% rent growth in 2023 at Purdue with 97% occupancy, averaging 5.8% rent growth over the last five years

THE UPSIDE

a. 100% leased for 2024/2025 school year - demonstrates demand for lower-cost student housing with a captive tenant base

b. Ability to significantly increase rents via value-add program by improving property condition, rejuvenating amenities, and furnishing the units

Nevele22 is a 97-unit boutique luxury apartment community located in the heart of Chicago’s River West neighborhood, strategically positioned at the crossroads of top employment and amenity hubs in Fulton Market, the Loop, and River North. This prime location offers unparalleled convenience, with the Chicago Blue Line CTA stop just steps away and numerous bus and bike routes nearby, making it an ideal destination for high-income earners commuting throughout the city. The submarket surrounding Nevele22 boasts a high concentration of affluent households, with 70% of households within a quarter mile earning over $100k. This renter base drives robust demand for luxury living, contributing to consistent rent growth of over 3% and occupancy rates averaging above 95% over the last 10 years. Nevele22 offers immediate access to over 773,000 jobs in Fulton Market, River North, and the Loop via various transit options, making it perfectly positioned for today’s urban commuter.

NATION LEADING MARKET FUNDAMENTALS

Massive Supply/Demand Imbalance in Chicago for next 3+ years

-Averaged 4,975 units/year delivered in downtown Chicago between 2014-2024

- Only delivering 1,560 units per year between 2025-2027, a 69% decrease from the last ten years

-Averaging 5,143 units absorbed per year since 2014

Robust Submarket Occupancy and Rent Growth

-Averaged 3.6% rent growth over the last ten years

-Projected to average 5.6% rent growth annually over the next ten years

- Average submarket occupancy over 95% for the last 10 years

DENSE, HIGH INCOME URBAN RENTER PROFILE

55k people within one mile

$196k average HH income

43% of population aged 20-34

57% renter population, up from 49% in 2010

UNBEATABLE WALKABILITY AND ACCESS TO TRANSIT

Connectivity to largest employment centers in Chicago – 20-minute walk to 81.2 SF of office space in the Loop, Fulton Market, and River North

Steps from CTA Blue Line stop – one stop from Fulton Market and 7-minute ride to the Loop

Located on Milwaukee Ave. “Hipster Highway” - roughly 3k bike commuters daily

New 40k SF grocery store – 3-minute walk

Walkscore – 96, Bikescore - 96

LUXURY HIGH-RISE LIVING AT NEIGHBORHOOD RENTS

Unimpeded views of downtown Chicago with large windows and natural light

Best in market unit interiors featuring – chef grade kitchens with curated Energy Star appliances (Fisher & Paykel, GE) and luxury bathrooms with Grohe fixtures and floating vanities

Amenity package commensurate with larger luxury asset – hotel style lobby, fully equipped fitness center, sundeck, rooftop deck with outdoor kitchen, green roof, and seating areas with bioclimatic pergolas

Rents positioned $150 below nearby high-rise product

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