chicago-condos & Chicago Real Estate pcherry on 17 Jun 2011 09:37 am

200 Squared Apartments Leased To Corporate Housing Company

June 17, 2011 - Not too long ago we posted about the current rental rates and availability at 200 Squared Apartments. Now Crain’s is reporting that 329 unit high-rise, located on 210 North Wells Street, will be leased to a “a temporary-housing landlord with nearly 25,000 apartments worldwide.” This company is based in Los Angeles and called Oakwood Worldwide. 200 Squared is being renamed Oakwood 200 Squared.

86 of the 329 apartments at Oakwood 200 Squared had already been leased, according to the article. The original Chicago real estate developer, Midwest Property Group, will honor those leases.

Midwest Property president Jay Javors was quoted in the article as saying that leasing the apartments to this corporate housing provider, “enables us to offer our investors guaranteed returns with minimal risk during the master lease term.”

In the article, Appraisal Research Counselors pointed out that this kind of deal is a little unexpected because both rents and occupancy rates are so high right now at downtown Chicago apartments. Rents have gone up 6% in the past year. Developers of apartment towers have been benefiting from the strong rental market and haven’t had a shortage of traditional tenants.

Oakwood Worldwide also offers apartments for lease at Presidential Towers and 77 West Huron Street, so 200 Squared isn’t their first venture into the Chicago market.

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