Hampton Parkway
Executive Summary
On June 19, 2020, 2730 Hampton LLC successfully closed on the acquisition of a 91-unit condominium complex for $17 million. The property is located in Evanston, IL, adjacent to Northwestern University, and consists of 34 two-bedroom one-bathroom units, 57 one-bedroom one-bathroom units, and a 99-car parking lot. At acquisition, the units and common areas consisted of outdated finishes and the property required several deferred maintenance items to be addressed. North Park Ventures (“Sponsorship”) recognized the opportunity to acquire the asset and leveraged its experience and capabilities to renovate the units, update common areas, enhance building amenities, and update select building systems. In-place rents at acquisition were estimated to be roughly $1,408 per unit while post-renovation rents to date have averaged $1,625 per unit, reflecting a $216 trade-out per unit per month. With construction costs of approximately $6,300 per unit, renovations have resulted in a 41.20% return on cost.
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.