FAIRCHILD ACQUISITION IN THE NEWS
The recent $5.45 million purchase of three apartment buildings on Milwaukee’s east side brings Illinois apartment investor Sam Grossman closer to assembling a 250-unit portfolio in a neighborhood where he has deep family roots.
2803-2813 East Belleview, Milwaukee
1800 North Farwell, Milwaukee
Property acquired in May 2021. This three Building, 32 unit portfolio was acquired for $5 million and our estimated development cost is $950K. Total equity that has been secured is $2 million with an anticipated hold period of five years. We estimated 18-24 months to redevelop this project and achieve stabilization.
Fairchild Acquisition’s strategy is to rehab units based on lease expiration over the next year, allowing us to continue to collect a portion of the rental income throughout the rehab. The construction budget is approximately $900,000 and estimated completion is 12 to 18 months. The rehab will include the following:
The rehab will include the following:
UNITS
COMMON AREAS
AMENITIES
Want more detailed financial information?
Contact us or fill out the form below to request the acquisition summary.
1718-34 East Lafayette Place, Milwaukee
2905 North Bartlett Avenue, Milwaukee
Property acquired in February 2021. This two Building, 28 unit portfolio was acquired for $2.9 million and our estimated development cost is $800K. Total equity that has been secured is $1 million with an anticipated hold period of five years. We estimated 18-24 months to redevelop this project and achieve stabilization.
Fairchild Acquisition’s strategy is to rehab units based on lease expiration over the next year, allowing us to continue to collect a portion of the rental income throughout the rehab. The construction budget is approximately $800,000 and estimated completion is 12 to 18 months.
The rehab will include the following:
UNITS
COMMON AREAS
AMENITIES
Property acquired in September 2020. This three Building, 29 unit portfolio was acquired for $3.9 million and our estimated development cost is $700K. Total equity that has been secured is $1.5 million with an anticipated hold period of five years. We estimated 18-24 months to redevelop this project and achieve stabilization.
Fairchild Acquisition will rehab units based on lease expiration over the next year, allowing us to continue to collect a portion of the rental income throughout the rehab. Fairchild Acquisition will use the same general contractor and team we have used on the Edgewater properties. The construction budget is approximately $625,000 and estimated completion is 12 to 18 months. The scope of work will include new building electrical, hallway paint, flooring, baseboards, lighting and doors, as well as updating the laundry facility. The unit rehab will include a complete modernization of the kitchens and baths.
Property was closed August 2020. These three building consists of 20 three-bedroom, 8 two-bedroom units, 1 one-bedroom garden unit, 11 outdoor parking spaces , 4 private garage spaces.
Want more detailed financial information?
Contact us or fill out the form below to request the acquisition summary.