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.
Jeffrey Osuji has multiple entrepreneurial endeavors with one common goal: to invest in people and communities in a way that builds generational wealth and supports Black-owned enterprises.
“We know that most people build and pass along generational wealth through real estate, but it’s not really something that’s taught in school. The people I saw who were building their own successful businesses were people in real estate. And I’ve always known that what would make me most happy was to work for myself. I’m using real estate as a way to not only build my own wealth but to support my other business ventures.”
Mr. Osuji, a local broker with Kale Realty and cofounder of technology start-up Eventnoire, came to CIC in 2020 looking to acquire his first multifamily investment property. Building on his experience rehabbing and selling several two- and three-flats for homeownership, Mr. Osuji was ready to leverage his portfolio and purchase a six-unit rental building in Chicago’s Chatham community.
He was eager to take the plunge from single-family to multifamily. He explains, “I learn by doing. I’ve learned about multifamily property investment and management by just jumping in and doing it. And learning from other people with vast experience.”
To that end, Mr. Osuji actually purchased the Chatham property from an existing, long-time CIC borrower who owns and manages over 500 units throughout Chicago neighborhoods. He also retained the seller as property manager. This unique relationship has allowed Mr. Osuji to not only learn the ins-and-outs of this particular building, but also gain experience in property management overall, including building maintenance and tenant screening. “I wanted to learn from someone who’s been doing it for years,” he says.
“We know that most people build and pass along generational wealth through real estate, but it’s not really something that’s taught in school.”
– Jeffrey Osuji
Creating space for others to enter real estate as a means of wealth building is a priority for Mr. Osuji. In his role as a broker, he has helped form small investor groups of 4-5 individuals to come together and purchase multifamily properties. He also works with many first time homebuyers. Mr. Osuji explains that helping to guide people through the homeownership and investment processes as a means of building wealth is a role he finds extremely valuable.
He was born and raised on Chicago’s north side. Both of his parents came to Chicago from Nigeria. As Mr. Osuji explains, he works with some immigrant clients who have different perspectives about real estate, accessing loans, and taking on debt. “In Nigeria, many people are used to building their own homes and only using cash, and to some getting a loan is thought of as a big burden. Leveraging debt to build wealth just isn’t something that’s taught enough. So I work with a lot of first generation immigrant clients as well as first time homebuyers to share knowledge about the benefits of accessing credit and the fact that getting a mortgage or loan is not a bad thing at all.”
In addition to his real estate activities, Mr. Osuji is cofounder of Eventnoire, a technology start-up and event ticketing platform that seeks to support and promote Black enterprises and cultural events. The company is currently raising pre-seed funding for this venture, and was featured last year in Forbes for its work to address racial discrimination in the social events industry.
Mr. Osuji is emblematic of the entrepreneurs that CIC works with every day who are building their businesses, building their wealth, and building Chicago communities.
To contact Jeffrey Osuji and learn more about Osuji Enterprises, email jeffosuji@gmail.com or visit www.eventnoire.com.
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 learn more about this initiative, click here.
To submit your own story for inclusion in a future profile, email CIC at ourstories@cicchicago.com
Community Investment Corporation (CIC) is the leading source of financing for the acquisition, rehabilitation, and preservation of affordable rental housing in the Chicago area. Since 1984, CIC has provided $1.55 billion in lending to provide homes for 159,000 people. For more information about CIC and its affordable housing programs, visit: www.cicchicago.com.
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