City Pads


 
City Pads

City Pads is a Chicago-based real estate development firm. City Pads’ principals possess more than 70 years of experience managing and developing investment properties throughout the Chicagoland area. Collectively, they have owned, managed and syndicated approximately 2,000 apartment units and over 100,000 sq. ft. of commercial retail space, and have been involved in the construction of over $100MM in projects. Investment decisions will be made by Andy Ahitow and Elliot Offenbach. City Pads will employ an asset manager to provide financial summaries and quarterly write-ups, and will also fill a controller role. 

City Pads is managed by the primary owner and operator of Chicago Apartment Finders ("CAF"), presently the largest residential leasing agency in Chicago. With five prominently located retail stores, 120+ leasing agents and 35 salaried employees, CAF should provide City Pads with a competitive advantage in operating residential buildings, underwriting financial projections and expediting the due diligence process.

Management Team

Ahitow

Andy Ahitow is presently the Managing Partner and co-founder of CAF. Andy has devoted his leadership and entrepreneurial vision to help create one of the most successful real estate companies in Chicago. After earning his Illinois Managing Broker's License and gaining valuable experience in the Chicagoland real estate market, he partnered with his fellow Iowa graduate, Justin Elliott, to found CAF in October of 2002.

Andy was also the Director of Operations of Marc Realty Residential from 2009-2015 (a joint venture of Marc Realty and CAF formed in 2009). Andy was responsible for overseeing construction, leasing and management of the joint venture properties. Andy has thus overseen over $50,000,000 of construction projects and the leasing and management of over 1,500 rental units and 100,000 sq. ft. of office and retail.

Offenbach

Elliot Offenbach is the founder of Empact Construction Services, a full service general contractor that focuses on multi-family residential construction, residential rehabilitation and ground-up construction. Backed by Elliot’s tenacious drive and attention to detail, Empact Construction Services has completed over $35MM of construction projects in the last seven years.

In addition, Elliot founded ZO Holdings LLC with his partner, to own, operate and manage a current portfolio of seven multi-family properties.

Elliot is starting this new venture with the same drive and passion as he has for Empact Construction Services, and is aggressively pursuing potential deals for the venture. He is excited to team with Andy and Ewan to leverage their knowledge, along with the resources of CAF, in an attempt to obtain high end market rents that are attainable and sustainable.

Dickson

Ewan Dickson started with CAF at the beginning of 2006 where he focused on residential leasing, excelling in his first four years there as one of the top agents in the company with over $1MM in leasing commissions during that time. As the company created a new partnership and started acquiring investment properties, Ewan joined the investment team, leveraging his knowledge of the Chicago rental market to engineer multi-family investment deals through value add opportunities.

After finding success in his first two years as a commercial broker, sourcing over $25MM in deals with an average return over 13%, Ewan started consulting on the majority of pipeline deals for CAF’s joint venture with Marc Realty, creating rent projection models for value-add opportunities. Ewan was also responsible for the leasing of joint venture properties with 100,000 sq. ft. of retail space, all while maintaining and expanding his own broker practice.

More Information

Since its founding thirteen years ago, CAF has grown to be, at present, the largest location service in Chicago and is one of the largest in the United States. CAF has professionalized the industry with sound business practices, state-of-the-art technical support and an outstanding reputation for quality service among both renters and landlords. Currently, CAF has over 100 experienced, well-trained rental agents and over 35 salaried back-office employees. CAF was listed in INC Magazine’s “INC 5000” list of Fastest Growing Companies in America, for 2007, 2008, 2009 and 2010, and was the 2nd fastest growing real estate firm in Illinois in 2010. CAF currently maintains five retail stores in prime locations from which it leases and sells apartments and condominiums. These strategic locations are Lakeview at Clark and Belmont, River North at State and Chicago, Bucktown/Wicker Park at North and Damen, Edgewater at Bryn Mawr and Broadway and Hyde Park at 55th and Everett.

The competitive advantages to the Fund leveraging CAF are;

  • Quick time to lease up.
  • Sophisticated underwriting that allows for minimal variation in pro forma rents and actual rents.
  • Ability to thoroughly screen tenants, limiting bad debt.
  • Limited marketing costs on a property-by-property basis.
  • Ability to sell buildings to landlords with whom CAF works.
  • Ability to source off market deals from landlords with whom CAF works.