Newcastle Pays $86M for Chicago Property
- Mar 01, 2019
Newcastle Ltd. has acquired a two-building apartment community in Chicago’s fast-emerging River West neighborhood, immediately west of the Loop. The property, located at 504 and 505 N. Green Street, is at the northwest corner of Grand and Milwaukee Aves. and Halsted St. CBRE represented the seller, Akara Partners.
“The property is a great addition to our growing retail and multifamily portfolio,” said Brennan Hitpas, Newcastle managing director, in prepared remarks. “The location, quality of the apartments and amenities appeal to urban apartment residents. Demand from residents working in the nearby and fast-growing Fulton Market will be particularly high.”
The 227 apartments are offered in a mix of studio, one-, two- and three-bedroom units. Among the common-area amenities are a fitness center and yoga room, rooftop deck with pool and outdoor kitchen, social and co-working spaces and an on-site station offering Divvy bikes from the City of Chicago’s bike-sharing program.
The 2016-built community was 93.8 percent occupied as of February, according to Yardi Matrix data. Rental rates extend from $1,635 for the lowest-priced one-bedroom apartment to $5,058 for a three-bedroom, 2.75-bathroom penthouse residence.
Also included are 13,000 square feet of retail space and a 92-car parking garage. Current retailers include Starbucks, Bank of America, Stax Cafe and Athletico.
Nested Between Two Hot Neighborhoods
The property is situated in a neighborhood that has to its east River North and to its south Fulton Market, two of the Chicago’s most popular live-work-play enclaves. The buildings are next to the Grand Avenue station on the Chicago Transit Authority’s (CTA) Blue Line, which runs through Chicago’s Loop and links downtown to both O’Hare International Airport and the near west suburbs. CTA Grand, Milwaukee and Halsted Street buses also stop at the corner.
Long home to meatpacking operations, the Fulton Market district has emerged in recent years as one of the hottest corporate corridors in Chicago. Corporations moving office operations to the area in recent years include McDonald’s, Google and Dyson. The area is also known for its cutting-edge restaurants and, increasingly, boutique hotels.
Image courtesy of Newcastle Ltd.