June 2024

TLP-FIDES, LLC announces the acquisition of a 93,000 square foot mixed-use building in downtown Deerfield, IL currently known as Deerfield Village Apartments.  The property contains 16,000 square feet of commercial space, 56 luxury apartments and a 90-space parking garage.  The property has an A+ location within walking distance to the Metra train station and offers numerous restaurants and shops at its doorstep as evidenced by a walk score of 83.  The building’s commercial mix includes national tenants such as Starbucks, Chipotle and UPS with long tenures.  TLP-FIDES asset strategy includes bringing below-market rents to market, capitalizing on the numerous expansive unit terraces, improving the look of the common areas and rebranding the property.  The purchase price represents a hands-on value add investment with a significant amount of upside due to the tremendous location at a price that is well below replacement cost.  TLP-Fides was able to purchase this institutional quality asset off-market.

May 2022

TLP-FIDES, LLC announces an investment into Inwood Holdings, LLC an Atlanta based multifamily company.   The investment will provide capital to purchase value add apartment opportunities within the southeast with an emphasis on the Atlanta area.   Inwood is a proven sponsor with a strong track record in executing value add strategies in the apartment space.   Inwood also provides property management and construction expertise within its platform.

 

February 2021
Evanston, IL

TLP-FIDES LLC, a Chicago based real estate investment family office, announced the plan to begin redeploying capital returned from the sale of a Midwest based apartment portfolio. The seven person seasoned investment team plans to acquire approximately $200 million of class B apartments within growth markets in the South and Southeast. The strategy will focus on acquiring value add and core plus opportunities in closer in suburban locations. Additional information may be found at http://www.TLPFIDES.com.

November 2017

FIDES Investment, LLC (“FIDES”) announces the sale of The Isles apartments, two vintage rehab properties totaling 85 units located in the heart of Uptown Minneapolis. FIDES joint ventured with CPM and a privately held investment firm.  The properties were purchased in September 2014. The sale price equated to $161,000/unit.  The average property level return equated to a 19% IRR and a 1.7x multiple. “Like most of the other properties purchased in this portfolio, we improved unit interiors with a heavy emphasis on upgrading the kitchens.  The properties were rebranded as an affordable ‘upgraded vintage style’ apartment that was not widely available in the Uptown market at the time of our acquisition. Approximately 40% of the apartment units were renovated along with common areas which translated into a total revenue increase of approximately 40% from takeover to disposition.   Monthly parking charges were increased by 70% during the same timeframe.   Unlike most of the competition in this submarket, Isles contains 50% two bedroom units and 88 off-street parking spaces which provided a strong competitive advantage and was instrumental in driving investment performance,” said Gregg Handrich of FIDES.  FIDES oversaw the acquisition, renovation, asset management and sale process.

September 2017

FIDES Investment, LLC (“FIDES”) announces the sale of Loring Grove apartments, a value-add vintage property totaling 64 units located in the highly desirable Loring Park neighborhood of downtown Minneapolis.  FIDES joint ventured with CPM and a privately held investment firm.  The properties were purchased in September 2014.  The sale price equated to $141,500/unit.  The property level return equated to an 18% IRR and a 1.6x multiple. “The plan was to improve the lobby/common area areas, upgrade unit kitchens, and capitalize on the off-street parking that had not been marketed effectively by the prior owner and was being rented at rates that were well below market. Approximately 35% of the unit interiors were upgraded and the property was rebranded with a heavy emphasis on the 62 off-street parking spaces which are a tremendous competitive advantage in this congested downtown location. Total revenues increased approximately 38% from takeover to disposition.  Parking revenues tripled over the three-year period. The proximity to downtown Minneapolis and abundance of parking were key drivers for this investment,” said Gregg Handrich of FIDES.  FIDES oversaw the acquisition, renovation, asset management and sale process.