Our Stories is an ongoing CIC initiative to showcase Black real estate professionals and their contributions to the affordable housing and community development industries. To submit your own story for inclusion in a future profile, email CIC at ourstories@cicchicago.com. Read more about this initiative here.
Scientist, engineer, patent-holder, and now – rental housing owner and operator. Dr. Leon Stenneth keeps growing his long list of achievements.
“I’m a scientist at heart,” says Mr. Stenneth, who works as an engineer in artificial intelligence. Over the course of his career, he has managed multiple teams and obtained over 100 patents related to self-driving car technology. He began his side investment business with a single condominium unit in 2010. Since then, he has applied his scientific perspective and methodical analysis to carefully and strategically grow his portfolio to over 65 units across Chicago’s Pilsen, Irving Park, Marquette Park, and Greater Grand Crossing neighborhoods.
A native of Jamaica, Mr. Stenneth moved to London for graduate school before eventually pursuing a PhD in Chicago, where he has resided with his family for the past 10 years.
“CIC is a one-stop shop for a newcomer in this business, they will help you cross the river.”
– Dr. Leon Stenneth
Mr. Stenneth came to CIC with a goal of growing his portfolio and expanding his expertise in all aspects of rental housing ownership and management. Working with his loan officer, Phillip Moore, Mr. Stenneth made the challenging transition from residential to commercial investment. “Phil mentored me and suggested CIC’s Property Management Training. He showed me how to evaluate the risks versus rewards of a given commercial investment.”
With his most recent CIC-financed building, a 27-unit mixed-used building in Greater Grand Crossing, Mr. Stenneth accessed utility company benefits via CIC to make energy upgrades to reduce costs, improve the building’s efficiency, and increase tenant comfort.
Despite the numerous challenges of the past year during the pandemic, Mr. Stenneth says his buildings are performing well and the majority of his tenants have not been adversely affected by unemployment or reduced incomes.
With a strong foundation in place and an eye to the future, Mr. Stenneth has a new goal of adding another 50 units to his portfolio by the end of the year. Long term, he may explore establishing his own property management company.
Mr. Stenneth offers encouragement to other new entrepreneurs just starting out with their own multifamily real estate investment ventures. “It’s a good business that requires lots of work and it’s an important service to provide this housing to renters,” he says. “CIC is a one-stop shop for a newcomer in this business, they will help you cross the river.”
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