CHICAGO, IL- The Blackhawk Investment Group, LLC just announced that they have acquired 2147 and 2151 West Evergreen Avenue in Chicago. The firm purchased the property for $5,700,000 from an affiliate of Chicago-based MCZ Development. This was Blackhawk's first purchase in Chicago and was financed with long-term, fixed Fannie Mae debt originated by Walker & Dunlop.
Drew Breneman, the managing principal of Blackhawk, is only 27 and began buying properties even before graduating from the University of Wisconsin. He told the college newspaper that he did not “want to be a billionaire” but the firm, formed in 2008, already owns and manages commercial real estate worth about $40 million, primarily in the Twin Cities' area and suburban Chicago.
The property has 16 condo-quality units and is fully leased. The units have high-end finishes including granite countertops, stainless steel appliances, Kohler fixtures, and garage parking.
“This will be a solid property for us,” Breneman said. “We acquired it at an attractive cap rate and basis relative to the for-sale condo market and replacement cost. This property is strategically located near public transportation options and is just north of Division Street, home to some of Chicago's best dining and entertainment options.”
Blackhawk also announced that it “will continue its growth with the acquisition of a retail center located in Eden Prairie, MN that was recently put under contract to purchase.”
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
