FOR IMMEDIATE RELEASE:
July 17, 2015 – Chicago, IL-based Tricap Residential Group, an owner, operator and developer of multi-family properties, is pleased to announce the continued growth of their portfolio with the acquisition of A-One Apartments, Portage, IN. This transaction will add 44 units Tricap’s portfolio, bringing the total operating unit count to nearly 2,000 apartments.
The property, which will be re-branded as Portage Park Apartments, is located within one mile of a major retail corridor and offers its tenants convenient access to I-80, I-94, i-65 and mega-retailers such as Walmart, Meijer, and IMAX Theatres. The property itself consist of three separate three-story buildings and is comprised of one and two-bedroom units. Renovations are planned for both the interior and exterior of the buildings giving the community a new, modern look and feel. Renovations are expected to be completed by the fourth quarter of 2015.
“This is a solidly built property whose rents can be substantially improved by replacing the existing longtime individual owner with an institutional quality management team and renovation updates. We were able to purchase the asset well below replacement cost and expect to be successful by delivering a high-quality product at a fair price” said President Bryan Pritchard.
Additionally, the company is looking to continue expansion with the anticipated closing of two properties, Chicago, IL and Chattanooga, TN this quarter.
Founded in 2007, Tricap Residential Group is fully integrated multifamily company specializing in property management, acquisition & development, and advisory services in the Midwest. While the extent of our services is exceptional, it is our perspective that makes Tricap unique: An owner’s perspective, drawn from our roots in property acquisition and improvement.
Today, that perspective defines Tricap’s approach to everything we do: the people we hire, the properties we acquire, the tenants we find, and the clients we serve. It drives us to work harder, perform better, and deliver beyond expectations on every project. It also pushes us to constantly improve our expertise and services, by embracing the newest technologies and staying a step ahead of rapidly changing market conditions. It’s a truly personal approach.
CONTACT: Brandi Tucker, Marketing Director, 630.442.8162, BTucker@TricapRes.com, www.TricapRes.com