Prairie Shores - Chicago, IL_Property for Sale
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.



Number of units
1,675 units
Year built
Building area Net
94,399 m²
Land area net
8.09 ha (80,937 m²)


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

Prairie Shores - Chicago, IL 4_Property for Sale
Prairie Shores - Chicago, IL 4_Property for Sale

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Prairie Shores - Chicago, IL (0 Properties)

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Last updated
16 Aug 2023