Acquisition of a 32-unit apartment property in downtown Libertyville, IL

November 2024

TLP-FIDES, LLC announces the acquisition of a 40,000 square foot apartment building in downtown Libertyville, IL.   The acquisition was a condominium deconversion accomplished over the course of 12 months.  The 3-story building was built in 1969 and contains 32 apartments.  The property has an A location within downtown Libertyville, is just a few blocks from the Metra train station and offers access to numerous restaurants and shops as evidenced by a walk score of 57.  TLP-FIDES plans to improve unit interiors, common areas, the building facade, landscaping, and rebrand and remarket the property.  Additionally, some existing two bedroom units will be converted into three-bedroom floorplans to further enhance value.  The prior condominium structure did not allow for an appropriate level of capital investment into the building.  This purchase represents a true value-add investment with a tremendous amount of upside in value once the capital improvements are completed.