Chicago Condo Directory

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.

Technorati Tags: 200 Squared Apartments, Chicago Apartments, Chicago Real Estate

June 14, 2011 - Ever since switching to rental, the Lofts at Roosevelt Collection has had a lot of success filling up its 342 units. In fact, right now this Chicago real estate development is over 90% leased. But the 398,324 square feet of retail space is another story. Originally billed as the Shoppes at Roosevelt, the commercial space was supposed to house more than 40 retailers. As of today, the only tenant is the Kerasotes ShowPlace Theatre. That leaves around 300,000 square feet that is still empty. But according to a recent Crain’s article, that is going to change soon.

McCaffery Interests of Chicago and Canyon-Johnson Urban Funds of Los Angeles purchased the Lofts at Roosevelt from Centrum Properties for somewhere between $160 to $175 million. That is around half of the cost of the development. But it may not be such a bargin if the new owners can’t rent the retail space. They have a plan though, according to the article, and that is to take down some of the buildings in the center of the development and convert it to a landscaped green space that will include a public plaza, water features and playgrounds for kids.

Developer Dan McCaffery was quoted in the article as saying that, “In its present condition, it’s not very inviting. It’s not very pedestrian-oriented and it doesn’t strike you as a place to quote-unquote gather. If we can do things that make it more of a place to gather, there is a market for that down there.”

McCaffery and Canyon-Johnson are supposedly trying to get about $150 million in debt financing for Roosevelt, with a payback term of three to five years, according to the article.

As we said, there are still a few units left for rent at the Lofts at Roosevelt. You can also find some other nice Chicago lofts for lease if you don’t care for all the upcoming demolition and construction at Roosevelt.

Technorati Tags: Lofts At Roosevelt Collection, Chicago Lofts, Chicago Real Estate

June 13, 2011 - In our last post we told you about the condo finishes at Burnham Point and listed some of the units available for lease at this Chicago real estate development located on 730 South Clark Street. In this post we’ll go over the building amenities and list some of the larger units for rent.

Residents at Burnham Point have a 24 hour doorman, fitness center, clubroom with catering kitchen, business center, spa, landscaped terrace, sun deck with grilling area and a rose garden.

Below are a couple of penthouse units that are available for rent as well as some two bedroom condos.

Penthouse Unit #2710 / 2078 Sq Ft / 2BR / 3 Bath / $5722 Per Month / Available Now
Penthouse Unit #2807 / 1352 Sq Ft / 2BR / 2.5 Bath / $3725 Per Month / Available Now
Unit #1510 / 1046 Sq Ft / 2BR / 2 Bath / $2323 Per Month / Available Aug 2
Unit #0403 / 1191 Sq Ft / 2BR / 2 Bath / $2805 Per Month / Available Now
Unit #1303 / 1191 Sq Ft / 2BR / 2 Bath / $2805 Per Month / Available Now
Unit #0803 / 1191 Sq Ft / 2BR / 2 Bath / $2805 Per Month / Available Now
Unit #0504 / 1319 Sq Ft / 2BR / 2 Bath / $3050 Per Month / Available Now
Unit #0304 / 1319 Sq Ft / 2BR / 2 Bath / $3050 Per Month / Available Now
Unit #1904 / 1319 Sq Ft / 2BR / 2 Bath / $3050 Per Month / Available Jun 16
Unit #1409 / 1262 Sq Ft / 2BR / 2 Bath / $2792 Per Month / Available Now
Unit #1009 / 1262 Sq Ft / 2BR / 2 Bath / $2792 Per Month / Available Jun 30
Unit #2509 / 1262 Sq Ft / 2BR / 2 Bath / $2792 Per Month Available Jul 30

With demand for Chicago apartments still high and rents expected to keep going up, if you see something you like you may want to get a lease signed sooner rather than later.

Technorati Tags: Burnham Pointe, Chicago Apartments, Chicago Real Estate