Chicago, IL-based Tricap Residential Group, an owner, operator and developer of multifamily communities, has closed on the acquisition of 5454 S. Everett for a purchase price of $5,000,000. This transaction will add another 32 units to Tricap’s existing Hyde Park portfolio.
The property, now referred to as Everett Hyde Park, was a failed condominium conversion from 2007. Tricap acquired 100% of the units from 8 individual owners. Tricap will execute a value-add strategy including minor unit renovations, modernization of the lobby and common areas, and professional management practices that will maximize rents at the property.
“We love the Hyde Park market, and this property allowed us to capitalize on the market expertise we have developed over 2+ years of owning other properties in the immediate area,” said Bryan Pritchard, President/CEO of Tricap. “The University of Chicago and the forthcoming Obama Presidential Library are the backbone of economic vitality in Hyde Park, and we are excited to continue to be contributing participants in the neighborhood revitalization.”
Tricap will serve as the asset’s property manager and asset manager and financed the acquisition with a 10-year fixed interest rate loan from Freddie Mac.
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.
Tricap currently manages 10 multifamily assets in 4 states with an asset value in excess of $100,000,000. The firm offers investment opportunities to accredited investors at www.tricapinvestors.com.