The Scott Residences_Property for Sale
The Scott Residences_Property for Sale
211 W Scott St, Chicago, IL, 60610-0748, US

The Scott Residences

Asset Description

JLL, as exclusive advisor, is delighted to present The Scott Residences, a 71- home boutique apartment community in Chicago’s beloved neighborhood, Old Town. With an impressive Walk Score of 99, residents experience an exceptional live-work-play lifestyle with direct access to major employers. Developed by the esteemed JDL Development and Harlem Irving Companies in 2014, The Scott Residences offers a range of floor plans, from studios to three bedroom units. Currently, the property maintains an impressive occupancy rate of 96%, with all retail space fully leased.


The Scott Residences’ spacious units boast condo-quality finishes and elegant amenities, including newly renovated resident lounges on both the 6th floor and adjacent to the lobby, along with a professionally landscaped roof terrace. With an average household income of over $191,000, these renters-by-choice are drawn to the unparalleled convenience of Old Town. Just steps away are a plethora of high-quality dining options, grocery stores, lively bars, and popular fitness options. The 100% market-rate apartments provide an exceptional investment opportunity in the highly sought-after Old Town neighborhood. For all inquiries about this asset, please contact Jones Lang LaSalle Americas.

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Attributes

Year built
2014
Number of units
71
Number of floors
6
Occupancy
97%
Parking spaces
71
Call for offers
19/11/2024

Media

Investment Highlights

Ideal Investment Profile

  • Robust trade-outs:
  • New Leases: 5.3 % (August 2024 YTD)
  • Renewals: 3.6% 2024 (August 2024 YTD)
  • 95% average occupancy since 2016
  • 100% market rate apartments
  • 100% occupied on-site amenity retail
  • Ideal bite-size investment at 71 homes


In The Heart of Old Town

  • Walk-to-everything location (99 Walk Score)
  • Convenient access to top employers via CTA train, bus lines, and easy access to I-90 & Lake Shore Drive
  • Steps to Wells Street’s stellar restaurants, retail, recreation, and entertainment.
  • Old Town ranked #4 Best Neighborhood to live in Chicago (Niche, 2024)


Superb Demographics

  • Low rent-to-income ratio at 19%, paving the way for future rent growth
  • Average Household Income:
  • The Scott Residences: $191,499
  • Old Town submarket: $180,628
  • Chicago is the #3 destination for 2024 graduates
  • Average resident age of 35


Boutique Luxury Asset

  • Developed by JDL and Harlem Irving Companies
  • Condo-quality finishes
  • Spacious unit sizes & unique floorplan optionality
  • Outstanding amenity package:
  • Rooftop deck with firepit and grilling station
  • Private dog run
  • State-of-the-art fitness center
  • Newly renovated club lounge with kitchen
The Scott Residences 4_Property for Sale
The Scott Residences 4_Property for Sale

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Last updated
4 Nov 2024