This property is currently improved with a partially occupied multifamily structure consisting of a mix of conforming and non-conforming units. Located in Chicago’s Pilsen neighborhood, the asset sits within a high-demand rental corridor supported by proximity to the Near West Side, University Village, and downtown, with continued reinvestment driving long-term neighborhood growth.

The business plan centers on a full value-add repositioning, including unit reconfiguration, system upgrades, and interior renovations to achieve a fully legalized and stabilized unit count. The project is designed to capture meaningful rental upside by delivering updated, efficient layouts aligned with market demand, while maintaining disciplined construction scope and cost control.

Upon completion, the property is expected to operate as a nine-unit multifamily asset with a mix of one- and two-bedroom units and on-site parking. The integrated construction and property management approach supports efficient execution, strong lease-up velocity, and durable cash flow generation.