Barry Quad

Executive Summary

On April 15, 2021, Barry Quad LLC successfully closed on the acquisition of a four-building, 115-unit condominium complex located in the highly sought-after Lakeview neighborhood of Chicago, IL for $32.3 million. North Park Ventures (“Sponsorship”) recognized the opportunity to convert the condo units, which were all previously owned by individual owners, into apartments for rent. At acquisition, the units and common areas consisted of outdated finishes and the property required several deferred maintenance items to be addressed. Sponsorship leveraged its experience and capabilities to renovate the units and the building’s common areas including upgrading kitchens with stainless steel appliances, updating bathrooms, installing washer and dryer units, applying new paint, and upgrading fixtures across 81 units (“Phase I”) and performing a full gut rehab of one building comprising 34 units (“Phase II”). In-place rents at acquisition were estimated to be roughly $1,750 per unit while post-renovation rents to date have averaged $2,775 per unit, reflecting a $1,025 trade-out per unit per month. With construction costs of approximately $64,038 per unit, renovations have resulted in a 19.21% return on cost.

Key Metrics

Projected IRR
Projected Equity Multiple
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*Average Cash-on-Cash following stabilization
Projected Yield-on-Cost
Projected Return-on-Cost
Actual Return-on-Cost

Vertically Integrated Capabilities


Through our extensive network across the country, NPV specializes in sourcing and acquiring properties that offer superior risk-adjusted returns for our investors.


With our team's 80+ years of combined experience, we are able to successfully execute developments ranging from ground-up projects to historic renovations.

Community Engagement

As part of the development process, our team engages with elected officials and community leaders to gather input to create projects that benefit the local neighborhood.


NPV works with local municipalities to pursue zoning changes and administrative adjustments when appropriate to allow for the highest and best use of a development site.

Asset Management

By being fully vertically integrated, our team employs a hands-on approach to every aspect of a property's operations to ensure compliance and optimize performance.

Construction Management

With decades of construction experience, NPV offers a full suite of construction services from pre-construction feasibility studies to post-construction warranty management.


As a vertically integrated real estate firm, NPV's affiliate, Quadrel Construction, is a fully licensed General Contractor able to perform a wide variety of construction projects.

Property Management

Our property management firm, Quadrel Realty Group, is committed to offering superior service and transparent lines of communication to all of our residents and commercial tenants.


Our full-time in-house leasing team develops and executes marketing and leasing campaigns to achieve above-market rents in accordance with our leasing schedules.

High Value Design

Our team spends considerable time during the pre-construction phase to efficiently design unit layouts that maximize revenue and minimize operating expenses.