CRE Midwest

Tricap Chicago acquires historic 31-unit apartment building

Tricap Chicago, a real estate services firm specializing in the acquisition, renovation and property management of apartment buildings, has acquired a 31-unit apartment building at 4740 S. Greenwood Ave. in Hyde Park’s historic Kenwood neighborhood.

Tricap Chicago, a real estate services firm specializing in the acquisition, renovation and property management of apartment buildings, has acquired a 31-unit apartment building at 4740 S. Greenwood Ave. in Hyde Park’s historic Kenwood neighborhood. The firm plans a complete gut rehab of the three-story courtyard building.

Purchased from a private family estate, the building dates back to the 1920s and is one of only a few apartment buildings in a neighborhood predominately made up of historic single-family estate homes. The property is located less than four blocks from the home of Kenwood’s best-known residents, President Barack Obama and wife Michelle.

The renovation will update individual apartments with luxury finishes such as hardwood floors, granite countertops, stainless steel appliances and upscale baths. Additionally, some of the building’s current one- and two-bedroom layouts will be reconfigured so that the building will also offer three-bedroom floor plans.

Tricap Chicago financed the acquisition of the property through the Community Investment Corp., including an energy loan that is part of the CIC’s energy savers program. Under the terms of the energy loan, Tricap will implement energy efficient modifications, including a historic window renovation.

Other energy efficient updates will include the installation of wall and ceiling insulation and low-flow plumbing fixtures.

The renovated apartment building is expected to be available for lease in spring 2013.