chicago-condos & Chicago Real Estate & Chicago Homes pcherry on 26 May 2011 11:34 am

EnV Apartments Up For Sale

May 26, 2011 - One of the newest rental Chicago real estate developments is already up for sale. EnV, the 29 story River North high-rise with 249 apartments, has been put on the market by the Lynd Company. Crain’s is reporting that some are estimating it could sell for as much as $125 million, which would be around $500,000 per unit. If that happens, it would make EnV one of the most expensive downtown apartment tower sales in Chicago history, according to the article.

Rents at EnV average $2.66 per square foot, or $2,420 per month, the report states. That makes apartments at this tower the fifth most costly to rent downtown, according to Appraisal Research Counselors. The tower is still filling up though, and was just 65.9% leased at the end of the first quarter of this year (2011).

The tower, which is located on 161 West Kinzie Street, may very well go for a record amount to the right investors. With rents on downtown Chicago apartments expected to rise 7% to 10% this year and occupancy rates at record highs, the rental market is one of the hottest investments around. More developers with apartment towers are being tempted to sell out and make a profit now. Condo developers are also opting to sell to investors who switch the units to rental as a quick way to pay off construction loans.

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