Four new luxury apartment complexes are for sale in Chicago, further indication of the current trend in Chicago real estate from home ownership to renting.
The properties are: Alta and Echelon at K Station, two properties Chicago Agent has already reported on; Flair Tower, a 198-unit tower developed by McCaffery Interests Inc.; and Parc Huron, a 21-story building that charges the highest rents in downtown Chicago.
Because of the property’s recent construction and substantial renting fees, sales could run as high as $500,000 a property, a sale price unheard of since 2008.
Mark Stern, a senior vice-president at Waterton Associates, said the owners of the complexes are definitely capitalizing on the renters market in Chicago, which has profited handsomely in the face of falling home values.
“People are taking profits now because they can,” Stern said. “There’s such pent-up demand for core assets.”
Stern also said, though, that there may be a sense of urgency in the push to sell the properties. With so many renting developments currently in production, some fear that the market could be flooded with unwanted properties in the near future.