Chicago Office

Conveniently Located Within Walking Distance to Top Retailers and Iconic Chicago Attractions

• Prime location: minutes from renowned Chicago attractions such as Grant Park, Soldier Field, the Museum Campus, and the Lakefront
• Convenient Living: Walking distance to national brands Target, Walgreens, Trader Joe's, Dunkin', Pure Barre, and Orangetheory
• Commuter Friendly: 5-minute walk to Roosevelt Station, providing access to multiple CTA lines running through the Loop

South Loop Presents the Greatest Opportunity for Rent Growth in Chicago, a Market with Nation Leading Fundamentals

• Since 2015, rents in the South Loop have grown a cumulative 34% (Second highest of any Chicago CBD submarket)

Denominator Effect

• South Loop rents currently average $284 below other downtown Chicago submarkets
• The gap between South Loop rents and those other submarkets has decreased 18% in the last ten years. The tightening of that spread is largely due to the denominator effect
• As rents in the South Loop are starting at a lower monthly rent (lower denominator), there presents more opportunity for outsized rent growth
• Assets renting at $4.15 psf would require an increase of $0.20 per sf to achieve 5% rent growth, compared to 1400 S Wabash at $3.15 psf only needing $0.15 per sf to achieve the same rent growth (32% difference)
• Multifamily supply in Chicago is set to drop 31% in the next four years compared to the 10-year historical average – with South Loop supply down a dramatic 49%

Attainable Luxury Housing Attracting Young Urban Renters

Robust Submarket with High Earning Tenant Base

• Median household income of $125,521 within 0.5 miles, with 50.3% of households being renter occupied
• 63.4% of households earning over $100,000
• High earning population projected to outpace new inventory within 0.5mi - 18% growth compared to 3% Class A inventory expansion

Strong operation performance demonstrated by attractive positioning in submarket

• Renewals and trade outs averaged 3.28% over the last year, with renewals driving the increase at 5.4% upon renewal
• Proven ability to increase income, demonstrated by 12% increase in net rental income and 13% increase in NOI from January to December

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-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 773k jobs 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