Prairie Shores - Chicago, IL_Property for Sale

2851 S Martin Luther King Dr, Chicago, IL, 60616, US

Prairie Shores - Chicago, IL

Asset Description

Jones Lang LaSalle Americas (Illinois), L.P. ("JLL") Is Pleased To Present Prairie Shores Apartments Prairie Shores is a 1,675-unit workforce housing community adjacent to Lake Michigan and south of Chicago’s dynamic South Loop. The five-building property spans a total of ~20.10 acres and features spacious Studios, 1-Bed, 2-Bed, 3-Bed, & 4-Bed layouts. The property has massive value add upside remaining with current renovated units achieving $250 (20%) premiums.

Prairie Shores is situated steps from Lake Michigan in an evolving neighborhood with promising future high profile capital investments. Residents enjoy easy access to Chicago’s downtown loop as well as top local attractions including Guaranteed Rate Field, Soldier Field, 31st Street Beach, and many more. Prairie Shores is the representation of a generational opportunity with value-add potential.

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Attributes

Number of units

1,675 units

Year built

1962

Building area Net

94,399 m²

Land area net

8.09 ha (80,937 m²)

Media

Investment Highlights

Generational Investment Opportunity

Rare, 1,675-unit, large scale workforce housing asset on approximately 20 acres
Adjacent to pipeline of future development including Bronzeville Lakefront
11%+ Growth on Renewal Leases
7%+ Growth on New Leases

Massive Value-Add Upside

75% of units ready to be renovated
5 acres of excess land ready for development
Proven ~$250 (20%) rent premiums for 25% of the property already renovated

Dynamic Lakefront Location

3.0 miles from Chicago Loop
Under 1 Mile to Lake Michigan and Lake Front Trail
Neighboring Illinois Institute of Technology, Guaranteed Rate Field, McCormick Place
Proximity to Lake Shore Drive, I-90, and Metra Transportation