363 S Leslie is fully leased

You may remember 363 S Leslie, a 4plex we recently completed in Highland Park. Here’s a pic to jog your memory:


Am happy to report that leasing is done.

Better yet: Our rents came in materially higher than we originally pro forma’d. So, instead of the 6.3% unlevered yield we expected out of the property, I think we’re looking at more like 7%.

When you consider that people are buying crappy buildings with all kinds of deferred maintenance at prices equating to 4% unlevered yield, you can see why our business model is popular with investors.