May 2, 2024, Chicago, IL – Today, DMG Capital, the multifamily investment affiliate of Chicago-based Daniel Management Group (DMG) partnered with Wayland Real Estate Capital to acquire 4179 W. Belmont. The 17-unit apartment community in the North Chicago Avondale neighborhood is new construction two and three-bedroom units with luxury condo-quality finishes. The building has been professionally managed by DMG since February 2023 and DMG will continue to both manage and lease the property, through DMG Leasing, post-acquisition. Wayland Real Estate Capital was formed this year by founders, Matthew Berry, Jason Manaster and Marc Klutznick. This is the first joint venture between DMG and Wayland.
“Wayland Real Estate Capital is excited to partner with DMG Capital on this acquisition. There is an increasing demand for high quality spacious apartments throughout Chicago’s neighborhoods, said Marc Klutznick, co-founder of Wayland Real Estate Capital. “The building’s location and high-end finishes meet the demands of today’s residents.”
Each unit at 4179 W. Belmont includes floor-to-ceiling windows, outdoor balcony space to take advantage of Chicago’s summers and let in natural light. Additionally, residents enjoy custom finishes that include an entertainer’s island in the kitchen, high-end appliances, in-unit laundry, significant storage space and a built-in electric fireplace int he main living area.
“We are thrilled to add to DMG Capital’s Chicago portfolio with the acquisition of 4179 W. Belmont,” said Robert Wasserman, co-founder, DMG Capital.
“As the existing property manager, DMG had a unique opportunity to understand the property’s market value,” said Roger Daniel, co-founder of DMG Capital. “We look forward to the opportunity to continue to manage and lease 4179 W. Belmont.”
Chicago residents continue to seek high-end rentals that provide residents with desirable locations, spacious units and condo-quality finishes that feel like home. 4179 W. Belmont delivers on all these trends and is positioned to continue to be a rental destination and poised for continued success.
About DMG Capital:
DMG Capital is a Chicago-based real estate investment firm focused on creating value in the multifamily space. Its principals have been involved in the acquisition, development and management of over $500 million of multifamily assets. DMG Capital applies the same attention to detail and professional expertise to sourcing, underwriting and structuring multifamily real estate transactions that DMG does to operating them.
About Wayland Real Estate Capital:
Wayland Real Estate Capital was founded in 2024 with the purpose of combining the principals’ institutional-caliber expertise and experience with the personal touch, accessibility, and attentiveness of a boutique family investment platform. Wayland focuses on sub-institutional, growth-oriented, value-enhancement investment opportunities in thriving urban micro-markets and affluent suburbs.