Harlington Realty buys Bucktown apartment complex for $51M

The deal for the 94-unit Centrum Bucktown is New York firm’s first Chicago acquisition

TRD CHICAGO /
Nov.November 29, 2018 09:00 AM

From left: Centrum Bucktown at 1743 North Leavitt Street, Centrum’s Arthur Slaven, and Hubbard Street’s John McLinden (Credit: Chicago Residential Group, Centrum, and Hubbard Street Group)

Harlington Realty bought a 94-unit Bucktown apartment complex, the first Chicago acquisition for the New York firm.

The $50.5 million deal for the year-old Centrum Bucktown complex gives the firm a toehold in the lucrative Chicago multifamily market, where rents have risen and vacancies shrunk despite thousands of new units having come online, according to Crain’s.

The complex, near the 606 trail at 1743 North Leavitt Street, was built by developers John McLinden and Arthur Slaven, both formerly of Centrum Partners until McLinden left to form Hubbard Street Group. The apartments are nearly fully occupied, and rents range from $1,807 for a studio to $4,178 for a three-bedroom unit, according to Crain’s. The property includes an Aldi grocery store.

Eastdil Secured brokered the deal.

Harlingtown owns apartment, office and retail properties in the New York area.

Hubbard Street and Centrum are involved in a number of projects together, including the Wicker Park Connection apartment complex near West Division Street and North Milwaukee Avenue that will soon house Chicago’s first location of java chain Philz Coffee.

They also teamed up to acquire and redevelop a 184,000-square-foot shopping center in suburban Oak Lawn, and were partners on the 46,000-square-foot headquarters of RXBar in River North, which they put on the market with a $30 million asking price this summer.

Hubbard Street is also building the 123-unit residential portion of the Field Lofts redevelopment at 4000 West Diversey Avenue. [Crain’s] — John O’Brien

 

Related Articles

arrow_forward_ios
Mayor Lori Lightfoot (Getty, iStock)

Lightfoot to propose $94M property tax hike

Lightfoot to propose $94M property tax hike
Brian Whiting, CEO of Telos Group, and the Old Post Office (Credit: Google Maps)

Lonely at the top: 601W Cos. opens Old Post Office rooftop park in WFH world

Lonely at the top: 601W Cos. opens Old Post Office rooftop park in WFH world
Cars.com CEO Alex Vetter and the building (Credit: Google Maps)

Cars.com wants to shrink its space at West Loop HQ

Cars.com wants to shrink its space at West Loop HQ
Thor Equities’ Joseph Sitt and Palmer House Hilton at 17 East Monroe Street (Google Maps)

Thor’s Palmer House hit with $300M+ foreclosure suit

Thor’s Palmer House hit with $300M+ foreclosure suit
Cook County Assessor Fritz Kaegi and downtown Evanston

Cook County landlords get bad news about 2020 taxes

Cook County landlords get bad news about 2020 taxes
Joe Sitt and 905 W. Fulton Market (Credit: Thor Equities)

Thor Equities’ big bet on Fulton Market is paying off

Thor Equities’ big bet on Fulton Market is paying off
Ald. Walter Burnett (27th)

Alderman Burnett to lift ban on resi development in Fulton Market

Alderman Burnett to lift ban on resi development in Fulton Market
Amazon CEO Jeff Bezos with 4306 120th Ave. in Kenosha and 23700 W. Bluff Road in Channahon (Credit: Getty Images; Google Maps)

Amazon is at it again in Chicago

Amazon is at it again in Chicago
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...