807 N Madison is leased up

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We just finished leasing up the front structure at 807 N Madison, our most recently completed renovation project.

Leasing the 10 units took us something like 31 days.

We began construction in mid September of 2014, so the entire process took approx. 300 days (a little longer than we would like, due to some unanticipated plumbing issues).

Rents ended up ~18% higher than we initially forecast. My gut feel is that something like 5-10% was the rental market tightening and the rest was good execution.

Move-ins are going well (a major tribute to our development and management teams) and so far the tenants seem to love their new homes.

Perhaps best of all, per four different neighbors who have approached us, the building went from being the source of all kinds of problems for the neighborhood to being the nicest building on the block.

We look forward to hopefully managing the property on behalf of the present owners forever!

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