Tricap Residential Group, a leading value-add apartment owner and operator, completed a recapitalization of Everett Hyde Park Apartments in the Hyde Park neighborhood of Chicago, IL.
The property consists of 92 apartments and 6 commercial spaces, all of which are leased to local retail tenants. Over the prior 3 years, Tricap completed a $5,000,000 renovation of the property which modernized the structure and apartment interiors. The renovation included all new electrical, plumbing, heating & cooling systems. In addition, units were reconfigured to include open floor plans featuring luxury kitchens, bathrooms, living and sleeping areas.
The property is located immediately north of the Hyde Park museum campus, current home to the Museum of Science and Industry and future home of the Obama Presidential Library and Archives. Anchored by the University of Chicago, Hyde Park continues to experience an economic renaissance including the expansion of retail, dining, hotel, and apartment offerings.
“Hyde Park continues to be a dynamic neighborhood with a bright future. With the forthcoming addition of the Obama Library and the existing cultural and educational benefits from the University of Chicago, we think the area has tremendous opportunity for future growth,” said Bryan Pritchard, founder and CEO of Tricap. “We are extremely pleased with the results of our repositioning and feel fortunate to be able to continue to participate in Hyde Park’s future.”
The property has experienced significant value increase resulting from the renovation and repositioning. The recapitalization allowed Tricap’s investors to experience a liquidity event while maintaining long term ownership of the property. Tricap secured a $14,700,000 loan from an affiliate of JPMorgan Chase as part of the transaction.