Dec
04

Chicago New Apartments Coming to the Loop

December 04, 2012

chicago new apartments in the loopAnother investment in Chicago new apartments is coming to the Loop, making a 2012 a strong year for downtown apartment deals. MetLife Inc. will pay nearly $120 million for 215 West, a 389-unit tower. The deal is MetLife’s fourth downtown real estate purchase in the past year. Previous purchases include a 249-unit apartment tower in River North, plus two West Loop office towers.

215 West is located at 215 W. Washington St., and was built in 2010. The building is currently 95.6 percent occupied with a variety of floor plans from studios to three bedroom apartments. Average rent for a studio is $1,675 and average rent for a three-bedroom unit is $5,221.

Here’s a rundown of some other 2012 Loop investment deals:

• New apartments are coming to the Block 37 complex at the intersection of State, Randolph, Dearborn and Washington streets.
• Related Midwest is relaunching three failed condo buildings in the South Loop’s Museum Campus. The condos are located at 201 South Prairie Avenue, 1629 South Prairie Avenue and 1901 South Calumet Avenue.
• The largest commercial real estate project to hit the Loop in five years occurred in May 2012 when Ivanhoé Cambridge, one of the 10 largest real estate companies in the world,  invested $300 million to build a 45-story office tower, the River Point, in the West Loop.

The new rental units and commercial units will certain be an asset to the downtown economy!

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Jessica Thom

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