Latest close · shared with the investor club
Tinley Park 24
$3,210,000
24 units
Latest close · shared with the investor club
$3,210,000
24 units
The thesis
In-place rents average $1,356 against $1,719 at market, rents BPG already achieves on its renovated units in the same submarket. Twelve of the twenty-four units are month-to-month, so renovation turns begin immediately, unit by unit, with no mass-vacancy event.
The arithmetic
Market rent, our renovated units nearby
$1,719
In-place rent today, average
−$1,356
The gap, per unit per month
$363
Units
×24
Months
×12
Gross revenue upside, per year
=$104,544
Captured unit-by-unit as leases turn. The memorandum's stabilized NOI nets this against vacancy, management, and taxes on the increment alongside other modeled operating changes; the full model is in the deal documents. Source: June 2026 memorandum.
Net operating incomeTARGET
$184,000 to $283,000
+54% from a $367,000 renovation program
June 2026 memorandum · as of Jun 2026
Stabilized yield, both denominatorsTARGET
8.8% · 7.6%
8.8% on the $3,210,000 purchase · 7.6% on the $3,710,000 total capitalization
June 2026 memorandum + BPG recomputation · as of Jun 2026
The first figure is measured on the purchase price; the second on the total capitalization the deal deploys.
The market
The figures below are third-party published data, each with its source, followed by risk factors drawn from the same public sources.
Southwest Cook occupancy
96.4%
The highest of any suburban Cook County submarket
Cushman & Wakefield MarketBeat · as of Q2 2026
New supply under construction
0.22%
87 units against 39,238 of inventory. Northwest Cook's pipeline is roughly five times larger.
Cushman & Wakefield MarketBeat · as of Q2 2026
Effective rent growth, year over year
+2.8%
Strongest in suburban Cook. Northwest Cook was negative at -0.2%.
Cushman & Wakefield MarketBeat · as of Q2 2026
Zero units were delivered in this submarket in the first half of 2026. That is the whole thesis: occupancy is high here because nothing new is being built, not because rents are cheap.
There is no single authoritative rent number for this village. Four public series exist and they disagree, because each measures a different set of buildings. Our underwriting rests on our own renovated units minutes away, but here is every published series beside it.
Two-bedroom, institutional stock
$2,172
RentCafe / Yardi · Jul 2026
26% above ours
Buildings of 50 or more units only. Not stock like ours.
Two-bedroom asking rent
$1,800
Zillow Rental Manager · Jul 2026
5% above ours
Drawn from 35 active listings across all bed counts. A snapshot, not an index.
Southwest Cook, average effective
$1,513
Cushman & Wakefield · Q2 2026
12% below ours
All 39,238 units in the submarket, every vintage and size.
Median gross rent, all renters
$1,495
Census ACS · 2020-24
13% below ours
Every renter household, and it includes utilities.
Our underwritten market rent
$1,719
June 2026 memorandum
Our own renovated 2BR units in the same submarket.
It sits below the institutional series and above the all-vintage submarket average, which is where a renovated two-bedroom in older small stock typically sits. The certified rent roll behind the $1,356 in-place average, with per-unit lease dates, is in the deal documents.
Four factors from the same public sources.
Will County took 570 new units in the first half of 2026 and occupancy there fell 470 basis points to 91.0%, the weakest in the metro. Southwest Cook is supply-starved, but Tinley Park spans Frankfort Township in Will County as well as three Cook townships, so this is not purely a neighbor's problem.
Cushman & Wakefield MarketBeat Q2 2026; township map, Village of Tinley Park
Bremen, Orland and Rich are all on the Assessor's 2026 south and west calendar, and those values land on the bill payable in 2027. The last south-suburban cycle raised the median residential bill 19.9%, the largest in at least 29 years. We underwrite taxes at full in-place levels for exactly this reason.
Cook County Assessor calendar, Jul 2026; Cook County Treasurer, tax year 2023 analysis
86.9% of Tinley Park households own their home, and the renter share has fallen from 15.1% in 2000 to 13.1%. Small multifamily is about 10% of the housing stock. That is what makes existing units scarce, and it is also what makes them illiquid.
Census ACS 2020-2024; tenure trend and stock mix from CMAP, Jun 2026
Apartments in buildings of 50 or more units here average $2,006, level with Arlington Heights and above Schaumburg and Palatine. That series does not cover buildings like ours, but it settles the framing: the case in this village is supply, not a rent discount.
RentCafe / Yardi, Jul 2026 (50-plus-unit buildings only)
The deal
Asset
Two risk profiles
Renovation
Financing
Taxes
Exit
Deal terms above: June 2026 memorandum and the closing statement, as of Aug 2026. Exit value, NOI and yield figures are underwritten targets, not results.
The waterfall
100% of distributions go to investors until the 10% preferred return is met. The sponsor earns nothing before that line, in any year, at any cash level.
Drag a year's distributable cash (hypothetical)
$140,000
To investors, the first $128,000
$128,000
To the sponsor before the pref is met
$0
Remaining above the pref, split between investors and sponsor per the Operating Agreement
$12,000
The year's cash, as you set it
$140,000
We do not draw the above-pref split because we do not invent numbers: the executed operating agreement defines it. The $128,000 pref pool is 10% on the full $1,280,000 of equity, which includes the sponsor's own LP co-investment.
Split above the preferred return
Defined in the Operating Agreement, the controlling document. Club members request access here.
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Inspections, financing and legal completed; equity called at close; reserves funded.
Unit turns at 17114 as month-to-month leases hand back; 7100 rolls to market rents as 2026-27 leases expire.
Full portfolio at market rents; stabilized NOI ~$283K.
Sale or refinance at stabilized value (~$4.27M at the underwritten exit cap); capital plus profit returned.
Risk
The underwriting comps are our own renovated units minutes away, not a market report.
17114's month-to-month leases let renovation pace match unit handbacks; 7100's leases roll through 2027, staggering the program.
Three months of debt service (~$36K) plus a modeled lease-up loss buffer.
70-75% LTV per the memorandum, with two separate income streams in a market BPG knows block by block.
In-place taxes, 5% vacancy, and an exit cap above the blended going-in cap.
Sponsor participates as an LP alongside all investors.
Counsel engaged to contest both assessments and enroll in Cook County's AHSAP program (25% assessment-reduction tier). Taxes are underwritten at full in-place levels; any reduction is upside.
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