River North Park

320 West Illinois Street, Chicago, IL, 60654, US

Descrição

Jones Lang LaSalle Americas (Illinois), LP is pleased to present River North Park (the “Property”), a stunning 400 home, high-rise apartment building located in Chicago’s renowned River North neighborhood. The property is located just minutes from Chicago’s top employers, world-class retail at Magnificent Mile, and premier entertainment venues.

Rising 24 stories above the bustling streets, River North Park boasts expansive views of the downtown cityscape and features top of the line amenities. The property offers a mix of layouts from studios to two-bedroom and townhome units. With 44% of units having been renovated to full scope achieving strong premiums, investors have the opportunity to further capitalize on the remaining 56% by modernizing the remaining units. Additionally, Chicago’s stellar market fundamentals allow for the potential to push rents further with an incredible renter demographic, strong rent-to-income ratios, and a muted supply pipeline.

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Atributos

Número de unidades

400

Ano de construção

1987

Vagas de estacionamento

211

Media

Destaques do investimento

IRREPLACEABLE PROPERTY
$4.2 M in CapEx Spent on Unit Renovations and $6.5 M in CapEx Spent on Building Improvements
Rare Direct Access Townhomes (20 units)
100% Market Rate Units
Significant Discount to Replacement Cost
SIGNIFICANT VALUE ADD UPSIDE
Value Add & Income Upside through Unit Enhancements
56% of Units to be Renovated
Verifiable Value-Add Premium: Classic to Full Upgrades Yield $270+
Rent Value Option Surrounded by More Expensive Competition
ENVIABLE RIVER NORTH LOCATION
Immediate access to Chicago CBD & Chicago’s Top Employers
Convenient access to the financial district and public transit
Abundant dining and nightlife
STRONG AREA DEMOGRAPHICS
150% Population Growth in River North Since 2010
88% Bachelor's Degree or Higher in River North
Avg. HHI is $190k in River North
Median Age is 33 in River North