Gold Coast Apartment Complex in the Works

October 14, 2012

cook county real estate One of Chicago’s major apartment investors is currently developing plans for a Gold Coast residential property. The latest piece of Cook County real estate acquired by Newcastle Ltd. will be rental housing at Chestnut and State Streets. The site is just north of where Loyola University will be building a new business school.

What is notable about the Newcastle deal is that it signifies a desire for investors to move towards new construction. Rising prices for existing apartment complexes means that builders and investors may consider new construction as a better option for real estate deals because of higher profit margins.

Previously, Newcastle has purchased apartment and retail buildings in both North Side neighborhoods, and new construction would be a move in a different direction.

Currently 3,018 apartments units are under construction in downtown Chicago, all of which are planned for 2013-2014 sales. About 1,933 units are currently being planned in the suburbs. Overall, downtown and suburban apartment occupancies are at their highest levels since 2007.

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