In 2003, we acquired a three-story mixed-use building on Lincoln Avenue in North Center that had been sitting vacant. The property had good bones and an excellent location on a busy commercial corridor, but it needed comprehensive renovations to bring it back to life.
The building consisted of ground-floor retail space and six residential units on the upper floors. Both were dated and in poor condition, with deferred maintenance throughout. Our approach was straightforward: complete renovation of all spaces, modernization of building systems, and careful tenant selection to create long-term value for the neighborhood.
We renovated all six apartments with new kitchens, bathrooms, and flooring. The ground-floor retail space was gutted and reconfigured to attract quality long-term commercial tenants who would contribute to the Lincoln Avenue corridor's commercial vitality.
By late 2007, the property was fully stabilized with happy residential tenants and retail businesses operating successfully. We sold the building to a buyer completing a 1031 tax-free exchange, allowing them to continue the building's productive role in the neighborhood.
