1106 W Newport
Executive Summary
On August 31, 2018, 1106 Newport LLC successfully closed on the acquisition of a 24-unit vintage three-story walk-up building in the highly sought-after Lakeview neighborhood of Chicago, IL for $6.0 million. At acquisition, the property consisted of 24 one-bedroom one-bathroom units. North Park Ventures (“Sponsorship”) identified a redevelopment plan to duplex down the eight first-floor units into the basement, where shared laundry facilities previously existed, and thereby create a mix of four-bedroom three-bathroom units as well as three-bedroom three-bath-room units. The remaining 16 one-bedroom one-bathroom units on floors two and three were converted into two-bedroom two-bathroom units by redesigning inefficient layouts. The asset now contains 60 bedrooms across 24 units as a result of Sponsorship’s ability to capture previously unused space through a creative value-add redevelopment plan.
Key Metrics
Vertically Integrated Capabilities
Acquisitions
Through our extensive network across the country, NPV specializes in sourcing and acquiring properties that offer superior risk-adjusted returns for our investors.
Development
With our team's 80+ years of combined experience, we are able to successfully execute developments ranging from ground-up projects to historic renovations.
Community Engagement
As part of the development process, our team engages with elected officials and community leaders to gather input to create projects that benefit the local neighborhood.
Entitlements
NPV works with local municipalities to pursue zoning changes and administrative adjustments when appropriate to allow for the highest and best use of a development site.
Asset Management
By being fully vertically integrated, our team employs a hands-on approach to every aspect of a property's operations to ensure compliance and optimize performance.
Construction Management
With decades of construction experience, NPV offers a full suite of construction services from pre-construction feasibility studies to post-construction warranty management.
Construction
As a vertically integrated real estate firm, NPV's affiliate, Quadrel Construction, is a fully licensed General Contractor able to perform a wide variety of construction projects.
Property Management
Our property management firm, Quadrel Realty Group, is committed to offering superior service and transparent lines of communication to all of our residents and commercial tenants.
Leasing
Our full-time in-house leasing team develops and executes marketing and leasing campaigns to achieve above-market rents in accordance with our leasing schedules.
High Value Design
Our team spends considerable time during the pre-construction phase to efficiently design unit layouts that maximize revenue and minimize operating expenses.