Monthly ArchiveMarch 2011

chicago-condos & Chicago Real Estate & Condominium Chicago pcherry on 24 Mar 2011

Apartments For Rent At 1555 Wabash

March 24, 2011 - One recent Chicago real estate development that hasn’t been in the news much lately is 1555 Wabash. The 14 story, 176 unit tower is pushing the rental option, as are several other developments that are having a hard time selling their Chicago condos. In fact, a rental brochure for 1555 Wabash is available now and while it gives the basic information about the building and units, it doesn’t actually list any rates. As far as we can tell from checking some @properties listings and other available units, lease rates start at about $1,500 for a one bedroom, one bath condo in the tower. That includes parking in many cases.

The units at 1555 Wabash come with a balcony, oversized windows, washer and dryer, walk-in closets, hardwood flooring, stainless steel appliances, granite counter tops, double vanities in some baths, built-in computer niche in some units and are pre-wired for high-speed Internet, cable and phones.

Building amenities at 1555 Wabash include a fitness center and individual storage lockers for residents.

The brochure lists available floor plans as being Unit #615, a two bedroom, two bath with 1,045 square feet and Unit #709, a one bedroom, one bath with 970 square feet.

There are lots of Chicago condos for rent in new construction towers, so be sure to check back with us for updates about leasing rates and rent concessions.

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chicago-condos & Chicago Real Estate pcherry on 23 Mar 2011

Lofts At Roosevelt Apartments Sold At Half Price

March 23, 2011 - The went up for sale in December 2010 and it looks as though the big mixed-use Chicago real estate development has a buyer. A recent article in Crain’s states that Dan McCaffery, a local developer, and Canyon Capital Realty Advisors LLC from LA are negotiating to buy Roosevelt for a low price of about half of the $350 million it cost Centrum Properties to build.

The article stated that all of Centrum’s equity will evaporate if the development sells for only $160 to $175 million. The lenders who backed Centrum with $285 million will also lose money.

The big drawback for buyers was the 398,324 square feet of commercial space that is only 23% leased. The only tenant is the Kerasotes ShowPlace Theatres LLC. The 342 apartments are 92% leased, so the challenge will be filling the retail space. The site also includes a 1,482 space parking garage and two more parcels that are zoned for as many as 658 more residential units.

Residents of the Lofts at Roosevelt Collection will have to wait and see if the new owners are more successful in filling the commercial space. Remember that there are many more Chicago lofts for rent as well as for sale.

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chicago-condos & Chicago Real Estate pcherry on 22 Mar 2011

Echelon At K Station Apartments Available

March 22, 2011 - There are still Chicago apartments available for lease at Echelon at K Station. Both six and tweleve month leases are available. Echelon is a smoke-free high-rise and pets are welcome. Building amenities include a pet park, fitness center, business center, swimming pool, Wi-Fi access, Direct TV service and a clubhouse.

Kitchens in the Echelon apartments come with granite counter tops, Maytag stainless steel appliances, paneled wood cabinets and ceramic tile. Baths also have ceramic floor tile and surround and marble tops on oversized vanities. The apartments all have a laundray with washer and dryer, floor-to-ceiling windows, lots of closets, window treatments, wall-to-wall carpeting, individually controlled heating and cooling plus some units have a balcony.

The available studios (Unit #4) measure 572 square feet and lease for between $1,358 and $1,446 per month

The one bedroom apartments are listed below.
Unit #1 / 617 sq ft / $1,514 to $$1,597 Per Month
Unit #2 / 825 sq ft / $1,696 to $1,806 Per Month
Unit #3 / 711 sq ft / $1,588 to $1,649 Per Month
Unit #5 / 832 sq ft / $1,742 to $1,856 Per Month
Unit #6 / 613 sq ft / $1,569 to $1,680 Per Month
Unit #8 / 736 sq ft / $1,616 to $1,709 Per Month
Unit #9 / 736 sq ft / $1,616 to $1,709 Per Month

The two bedroom apartments are listed below.
Unit #07 / 1,109 sq ft / $2,340 to $2,412 Per Month
Unit #10 / 1,111 sq ft / $2,675 to $2,845 Per Month

There are a lot of great Chicago apartments for rent right now, so be sure to compare lease rates.

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