January 7, 2008

Lincoln Park apartment building sold

Category: Luxury Condos. Posted by Mike at 10:02 pm.

As investors and developers turn their attention to apartment rentals, several major deals for buildings around Chicago have been announced.  The drop in sales of Chicago Condos around the city has led many investors to turn to rental units as vacancy rates fall and rents rise.

A Chicago real estate investment company has paid $8 million for an apartment building at 2200-2222 N. Clark Street, in Lincoln Square.  The 28-unit building was bought by Newcastle Ltd.

The building offers a total of 16 studio units, 8 one-bedroom apartments, and 4 two-bedroom units.  Residents of this three-story building enjoy amenities such as high ceilings, hardwood floors, and large windows.  The building also has retail space on the ground floor.

Vacancy rates in many of the most popular Chicago neighborhoods have dropped to new lows as many potential buyers are unable to qualify for a mortgage.  Banks and lenders have tightened restrictions after a rash of foreclosures started affecting their bottom line.

Dropping vacancy rates have led to increases of 4 to 5 percent in rental rates annually in neighborhoods such as Lincoln Park and downtown Chicago.  This is the latest in several major deals announced in the city.

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