Chicago, IL-based Tricap Residential Group, an owner, operator and developer of multifamily communities, has closed on the acquisition of Charleston Park Apartments in St. Charles, IL for a purchase price of $6,700,000. This transaction will add another 71 apartments to Tricap’s existing suburban Chicago portfolio.
The property, rebranded as one of Tricap’s Haven communities, was the second phase of a portfolio acquisition from a long-term property owner and operator. Tricap will execute a value-add strategy including significant unit renovations, modernization of the common areas, and professional management practices that will maximize rents at the property.
“We are very excited about this opportunity as this acquisition allows us to continue our execution expertise on another well-located, well maintained suburban asset,” said Bryan Pritchard, President/CEO of Tricap.
“The continuing trend of renting versus owning has spread to suburban submarkets, and our renovated product offerings allow us to offer a very high-quality product at an affordable price. Combined with our focus on exceptional service, we believe we have the best value proposition for renters in the marketplace.”
Tricap will serve as the asset’s property manager and asset manager and financed the acquisition with 5 year bridge loan originated by Justin Nelson of Walker & Dunlop.
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 owns and manages 13 multifamily properties in 4 states with an asset value in excess of $150,000,000. The firm offers investment opportunities to accredited investors at TricapInvestors.com.