Home News Lincoln Park luxury apartment building sold to HP Ventures

Lincoln Park luxury apartment building sold to HP Ventures

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The high unit price reflects the building’s high rent and large units. Residents there pay between $3,000 and $7,000 a month for apartments ranging from 780 to 1,750 square feet, according to the AIA. Opened in 2018, this boutique building features private his balconies and high-end finishes to cater to the needs of wealthy tenants who are lessors. The property is 100% rented.

AIA broker Bill Cassin, who sold the building, said:

Even before the sale to HP, the investment worked well for Novak Development, an affiliate of Novak Construction, according to real estate records. In 2017, he financed the project with his $11.8 million construction loan from Hinsdale Bank & Trust, and in 2019 from the same bank, according to mortgages filed with the Cook County Registrar. refinanced with his $15 million loan.

The documents don’t say how Novak handled the $3.2 million difference, but developers often refinance their properties after they’ve been leased and stabilized as a way to withdraw money from projects. . No Novak executives called.

Novak is known for its construction business, but the Novak family has been busy in recent years with real estate investments and developments.Novak’s investments include: State Street Property in the loop, Webster Place Former Sears store in Portage Park, a shopping center in Lincoln Park. Convert to apartment and target store.

based in chicago HP Ventures, On the other hand, it owns about 500 apartments, mostly in Chicago suburbs such as Lincoln Park, Wicker Park and Avondale, but also in suburban areas such as Countryside, Downers Grove and Barrington.

“Located along a transit node and steps away from the parks and Lake Michigan activities, the North Clark project is a great example of our strategy to serve tenants who prefer to rent quality units in prime locations.” said Steve, HP Managing Partner. Cook said in a statement.

Chicago’s apartment market struggled after the 2020 COVID-19 pandemic, but has recovered over the past year or so. Apartments are leasing rapidly, with landlords raising rents by more than 10% when units are turned over.

But HP’s tenants, which include many families, tend to be less aggressive in raising rents than other landlords, who manage properties with a focus on stability, said a partner in the capital markets. Director Peter Cook said. HP.

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