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Tinley Park 24
$3,210,000
24 units
Demo · simulated data · today = Sep 15, 2027Demo environment · simulated investor data on a simulated timeline (today = Sep 15, 2027) · deal facts from the June 2026 memorandum
Latest close · shared with the investor club · this page is unlisted, not access-gated, in this demo
$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
We publish the denominator beside every yield. The headline figure is measured on purchase price; the second is measured on everything the deal actually deploys.
The deal
Asset
Two risk profiles
Renovation
Financing
Taxes
Exit
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 $1,280,000of equity, which includes the sponsor's own LP co-investment.
Split above the preferred return
Defined in the Operating Agreement. We publish executed documents, not summaries of them; 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. Placeholder photography until the buildings are shot.
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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