Chicago, IL-based Tricap Residential Group, an owner and operator of multifamily communities, has closed on the acquisition of Cressmoor Arms Apartments for a purchase price of $10,350,000. This transaction will add another 144 apartments to Tricap’s existing portfolio increasing their total portfolio to over 2,500 apartments with 630 of those apartments located in the city of Hobart.
The property will be immediately rebranded as Element Hobart and will undergo a value-add strategy including significant unit renovations, modernization of the common areas, and professional management practices that will increase value and resident services at the property.
“We are excited for the opportunity to expand our portfolio in Hobart, IN with the acquisition of Cressmoor Arms Apartments. Our team is looking forward to delivering another high-quality product to the market and offering exceptional service to the community,” stated Joe Palomino, Director of Acquisitions and Development for Tricap.
The acquisition is the fourth for Tricap in the Northwest Indiana market. “Northwest Indiana continues to exhibit market fundamentals that we look for when investing. It has a stable employment base, barriers to entry for new construction projects, and close proximity to downtown Chicago,” said Bryan Pritchard, Founder of Tricap. “We look forward to continuing our success in Indiana with this acquisition.”
The acquisition was financed with a mortgage originated by Wintrust Bank.
Founded in 2007, Tricap Residential Group is a fully integrated owner and operator of multifamily properties throughout the Midwest. Tricap currently owns and operates 16 multifamily assets in 6 states with an asset value in excess of $300 million.
CONTACT: Bryan Pritchard, President/CEO, 312-988-9825, firstname.lastname@example.org, www.TricapRes.com