Description

Jones Lang LaSalle Americas (Illinois), LP is pleased to present State and Grand (the “Property”), a luxury 145-home, high-rise apartment building located in Chicago’s well-regarded River North neighborhood. The Property offers residents a boutique living experience in the heart of the city.

State and Grand offers a range of homes, including one-bedroom, two-bedroom and three-bedroom homes, all with spacious floorplans. Residents enjoy an array of shared hotel-quality amenities and upscale homes while being adjacent to all the city has to offer. The Property boasts unobstructed views of Lake Michigan and the Chicago skyline as well as expansive home sizes compared to the the overall market. There is also an opportunity for an investor to modernize interiors and amenities through a value-add strategy.

Known for its walkability, River North provides residents with convenient access to downtown employment. The neighborhood’s prime location offers close proximity to countless dining, and shopping options, as well as access to renowned educational and medical institutions, creating the ideal home for young professionals and families alike. This incredible investment opportunity is available free and clear.

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Attributes

Occupancy

97%

Year built

2010

Building area net

12,156 sm

Media

Investment highlights

Incredible Investment Opportunity

Rare 2010 Asset with Exceptional Value-Add Upside
100% Market Rate Units
Significant Discount to Replacement Cost

Iconic River North Location

Walking Distance to Powerhouse Chicago CBD Employment
Immediate Access to Variety of Transit Options – 1-Minute to Grand L Stop
Endless Dining and Nightlife Adjacent to the Property

Premier Property Fundamentals

Impressive 74.5% Retention YTD
Strong 5.3% Tradeouts at the Property
Ideal High-Rise Amenities including Sprawling Indoor Pool, State-of-the-Art Fitness Center, and Sky Terrace

Standout Submarket Statistics