Last year, a client entrusted Peak Realty Chicago (PRC) to purchase and stabilize a five-flat located at 2815 N. Harding Ave. in Chicago’s Logan Square neighborhood. A year later, after $150,000 in renovations, it closed for $1,115,000, a near $250,000 profit.
The brick building was identified as a value-add property in the Logan Square submarket for a private investor, who acquired the asset for $725,000 in 2021. After making recommended cosmetic upgrades to the units, replacing the windows and doing the necessary roof and tuckpointing work, the investor sold and is now positioned to seek a 1031 exchange into a bigger property. Julia Cullhaj was the PRC seller’s broker.
“We prefer to position ourselves as true consultants as opposed to solely brokers or traders, allowing us to gain the confidence and trust of our vast set of ownership groups,” says Oren Pollack, VP of business development for PRC.
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