CHICAGO– JCF Real Estate is pleased to announce that the firm has acquired a portfolio of multifamily properties in Northeastern Illinois and Southern Wisconsin.
“We are in the process of rapidly and strategically acquiring properties throughout the Midwest and in doing so, identified this particular opportunity to acquire and reposition a portfolio of distressed bank-owned properties,” said John Fitzmaurice, president of JCF Real Estate. “We will now begin implementing a comprehensive construction program to remedy the deferred maintenance and reposition the properties within their respective markets.”
JCF identified the opportunity through its bank contacts and raised the capital through its investor relationships. The properties, located in Woodstock, Harvard and Hebron, Illinois as well as Genoa City, Wisconsin, suffered from extensive maintenance issues and included many uninhabitable units. JCF recently secured a loan to cover the rehabilitation costs and the firm plans to begin renovation immediately.
The construction for the multifamily properties will be carried out by SR&J Construction, an affiliate of JCF Real Estate. The project will include exterior renovations, landscaping and interior improvements to the units and common areas. Upon completion of the renovations, JCF will reposition the properties in their markets, release the apartments to qualified residents and maximize the revenue for refinance or disposition. Construction is scheduled for completion by year-end.
About JCF Real Estate:
Founded in 1993 and headquartered in metropolitan Chicago, JCF Real Estate is a full-service diversified commercial real estate firm that delivers a complete range of integrated real estate services to meet the strategic growth needs of its clients. JCF Real Estate strives to develop, manage, lease and construct assets which generate superior returns and profoundly contribute to the prosperity of its stakeholder. For more information regarding JCF Real Estate, please visit www.jcfre.com.