Home News Green Cities hires CBRE to sell Xavier Apartments on Chicago’s Near North Side

Green Cities hires CBRE to sell Xavier Apartments on Chicago’s Near North Side

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The project was part of Wave of development Located on the Near North Side, which gained momentum after the 2011 demolition of the last skyscraper at the nearby infamous public housing project Cabrini Green. The Target Store and New City Shopping Center opened within a few years, with multiple apartments nearby filling the area between North Avenue and Division Street. Chicago-based Structured Development recently embarked on a 450-unit housing project at 1450 N. Dayton St.

With luxurious equipment, finishes and high rent, Xavier was able to get a high price.A recent sale of an equivalent building nearby has 199 homes in New City. $ 75 million, Or $ 377,000 per unit in mid-2019.

Chicago’s apartment market struggled early in the pandemic, but rent and occupancy Completely recovered About the past year. According to CBRE’s marketing pamphlet, one sign of strength is that Xavier’s apartments, which fell this year, saw net rents rise by an average of 17.2%.

However, sales of large apartments in downtown Chicago have been sluggish since the pandemic began, and investors and brokers are wary of crime and property tax hikes, so far many investors have left Chicago. He states that he is avoiding it. Rising interest rates also increase borrowing costs and limit what investors can pay for buildings.

A representative of Green Cities, formerly known as Gerding Edlen, declined to comment. CBRE executives declined to comment.

The CBRE pamphlet highlights Xavier’s position in the region, which has undergone transformation and is raising billions of dollars in investment.The building is nearby Lincoln Yard development, Goose Island And suggestions Barry’s Casino, Just south of the Chicago River. “Thousands of jobs and new equipment” coming to the area “will stimulate short-term and long-term demand,” the pamphlet says.

According to CBRE, Xavier occupies 93.8%, including 24 affordable apartments that are rented below market prices. According to CBRE, the average market price unit for a building is $ 2,339 per square foot, or $ 3.31, and the average affordable price unit is $ 1,634, or $ 2.31 per square foot.

After selling Xavier, Green Cities owns three properties in Chicago. Aimer 165 N. Des Plaines St. 199 apartments. A building with 263 apartments on 420 E. Ohio St. A 722,000-square-foot office tower at 200 W. Adams St.

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