2 East 8th
2 E. 8th St. Chicago, IL
Purchasing the non-performing first mortgage note on this 28-story mixed-income high rise provided a path to acquisition of the fee interest at a time when tax considerations ruled out a sale by the owner. Ultimately the property was acquired by a deed-in-lieu of foreclosure. Net operating income from the 330 apartments, 204 parking spaces and 30,000 square feet of retail space increased by more than 150% in the first full year of operation, as new management practices were implemented and rents were boosted to market rates. To help support the repositioning of the property, the common areas were renovated and deferred life-safety and maintenance items were addressed.