The Southgate Apartments IL

• Acquisition and re-positioning of a 424 unit, 6 building apartment complex in Chicago, IL $17.0mm
• The Rentus Group partnered with a leading real estate private equity firm to acquire this non-performing loan in May, 2010 for $17,000,000 representing a significant discount to the unpaid principal balance.
• Renatus recognized the long term potential for the property to return to historical performance levels. Renatus made an aggressive offer (based on in-place cash flow), which was quickly accepted by the seller.
• In April of 2013 Renatus sold the property for $28,500,000 for an IRR in excess of 33% and a 2.2x equity multiple.