Description

Jones Lang LaSalle Americas (Illinois), L.P. (JLL) is pleased to present MILA (“The Property”), an iconic 402-unit, 41-story apartment tower located on the world-renowned Michigan Avenue.

MILA offers residents luxury living in the heart of downtown Chicago. The Property provides a range of homes, including studio, one-bedroom, and two-bedroom units, featuring floor-to-ceiling windows, upscale finishes, and unbeatable views. MILA includes an extensive amenity package, including a rooftop pool and sundeck, fitness center with yoga studio, Sky Lounge, 41st-floor study, outdoor terrace with grills, and more. The Property has ~21,000 SF of retail as an added convenience for residents and the surrounding neighborhood. The Property offers investors an incredible opportunity to incorporate a light value-add plan in 100% of units and many amenities.

Boasting a Walk Score and Transit Score of 100, MILA provides residents with exceptional access to work, retail and transit. The Property is steps from Millennium Park, the Chicago Riverwalk, the Art Institute of Chicago, and the shops of Michigan Avenue and State Street. Residents have a variety of transit within walking distance, including the Pedway, CTA Trains/Buses, and Millennium Station. MILA is near the University of Chicago’s Booth School of Business and other downtown universities and employers, creating a consistent tenant base of students and professionals. This exceptional investment opportunity is available free and clear.

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Attributes

Number of units

402

Year built

2016

Media

Investment Highlights

Unique Investment Opportunity

Rare 2016 Asset with 100% Value-Add Upside
Difficult Entitlement & Construction Process on Michigan Avenue | Higher Barrier to Entry Submarket
100% Market Rate Units
Less than 10-Minute Walk to Google's New Headquarters
Standout Eds and Meds Access including Chicago Booth School of Business, Northwestern Memorial Hospital, and Pritzker School of Law | 10-Minute Walk to Booth School

Impressive Property Statistics

Incredible 10.9% Tradeouts on New Leases
4.3% Tradeouts on Renewal Leases
Consistent Tenant Base with 55% Booth Students
On-Site Retail Amenity for Tenants

Exceptional Asset

Incredible Rooftop Amenity Floor featuring Swimming Pool, Cabanas and Lounges, and Expansive Sky Lounge
Panoramic Views of Lake Michigan, Chicago River, and the Skyline
Multi-Floor Amenity Spaces inclusive of Social Lounge and Game Room, Outdoor Terrace, State-of-the-Art Fitness Center, Pet Spa, and More
Significant Discount to Replacement Cost

In-Demand Michigan Avenue Location

Highly Desired Real Estate near Lake Michigan and the Chicago River
Minutes to Countless Dining and Retail Options on the World-Renowned Magnificent Mile
Perfectly located near the CTA Train, Bus Lines, Divvy Bikes, and the Chicago Water Taxi
No Multifamily Ground-Up Development on Michigan Avenue