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.

Acquisition of a 93,000-sf mixed use apartment property in downtown Deerfield, IL

     

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.

Acquisition of a 40,000-sf mixed use property in downtown Downers Grove, IL

December 2022

TLP-FIDES, LLC announces the acquisition of a 40,000 square foot mixed-use building in downtown Downers Grove, IL.  The 4-story building built in 1968, contains 27 apartments and 6,000 square feet of office space on the ground level.  The property has an A+ location within downtown Downers Grove and is just a few blocks of a Metra train station and offers numerous restaurants and shops at its doorstep as evidenced by a walk score of 93.   TLP-FIDES plans to improve unit interiors, common areas, the building facade, reduce operating expenses, and rebrand and remarket the property.   The purchase represents a true value add investment with a tremendous amount of upside.

INVESTMENT WITH AN ATLANTA BASED APARTMENT COMPANY

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.

 

Acquisition Announcement: 100,000 sq ft Mixed-Use Property Located in Downtown Libertyville, IL

November 2021

TLP-FIDES, LLC has acquired a 100,000 square foot mixed-use building in downtown Libertyville, IL.  Formerly known as Manchester Square, the property contains 25,000 square feet of commercial space, 34 large luxury apartments and a 36-space heated parking garage.  The property has an A+ location within steps of a Metra train station and offers numerous restaurants and shops at its doorstep as evidenced by a walk score of 86.  TLP-FIDES plans to upgrade and refresh the common areas, lower operating expenses, rebrand and remarket the property, and lease the remaining vacant commercial space.   The purchase represents a hands-on value add investment with a tremendous amount of upside.

TLP-FIDES Announces Formation of New Investment Venture

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.

FIDES Investment Caps Off a Busy 2017: $91 MM of Multi-Family Dispositions

December 2017

FIDES Investment, LLC divested a total of 594 units in 16 different properties during 2017.  The properties were primarily value-add acquisitions in suburban Chicago and downtown Minneapolis, and were purchased during 2014 and 2015.  “The strong investment climate was ideal for maximizing offers.  Each deal had multiple bidders and debt financing was plentiful.  Over the last several years we invested capital to upgrade the properties, and this resulted in significant revenue growth.   We felt that 2017 was an ideal time to sell the assets due to favorable market conditions.  This resulted in an average cap rate of 4.80%, and an average property IRR of 20%.”  said Gregg Handrich of FIDES.

$13.69 Million Sale of Vintage Apartments, Uptown Minneapolis

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.

$2.4 Million Sale of “Eat Street” Brownstones, Minneapolis

October 2017

FIDES Investment, LLC divested a total of 594 units in 16 different properties during 2017.  The properties were primarily value-add acquisitions in suburban Chicago and downtown Minneapolis, and were purchased during 2014 and 2015.  “The strong investment climate was ideal for maximizing offers.  Each deal had multiple bidders and debt financing was plentiful.  Over the last several years we invested capital to upgrade the properties, and this resulted in significant revenue growth.   We felt that 2017 was an ideal time to sell the assets due to favorable market conditions.  This resulted in an average cap rate of 4.80%, and an average property IRR of 20%.”  said Gregg Handrich of FIDES.

$9.05 Million Sale of Vintage Apartments in Loring Park, Minneapolis

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.