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Key facts
Year Built | 1985 |
Building Area Net |
|
Land Area Net |
|
Number of units | 400 |
Occupancy | 94.0 % |
Property description
Jones Lang LaSalle (“JLL”) 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.
Current ownership has spent $13.4 M in capital expenditures updating the property
to provide a full package of outstanding apartment finishes and luxurious amenities.
Investment highlights
Irreplaceable Property
- $4.2 M in CapEx Spent on Renovations and $5.4 M in CapEx Spent on Community Amenities
- Rare Direct Access Townhomes (20 units)
- 100% Market Rate Units
- Available Below Replacement Cost
- High barriers to entry submarket
Significant Value Add Upside
- 57% of Units to be Renovated
- Rent Value Option Surrounded by More Expensive Competition
Premier Location
- Located in renowned River North
- Convenient access to top employers
- Abundant dining and nightlife galore
Strong Area Demographics
- 76% Population Growth in River North Since 2000
- 85% Bachelor’s Degree or Higher in River North
- Avg. HHI is $159k in River North
- Median Age is 35 in River North
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