Luxury building near Wrigley Field hits market for $125M

Halsted Flats tries again after failing to sell two years ago

Chicago /
Dec.December 16, 2020 12:20 PM
JDL Development's CRP James D. Letchinger and Halsted Flats (Getty, Halsted Flats, JDL Corp)

JDL Development’s CRP James D. Letchinger and Halsted Flats (Getty, Halsted Flats, JDL Corp)

 

A luxury apartment building near Wrigley Field is on the market for the second time in two years, now with an asking price of $125 million.

JDL Development and Harlem Irving are looking to sell Halsted Flats, a 269-unit building at 3740 North Halsted Street in Lakeview, Crain’s reported. It is one of the largest apartment buildings to be put up for sale since the pandemic started. A deal could signal renewed optimism in Chicago’s commercial real estate market.

So far, investors have backed away from buying or selling properties in Chicago’s downtown core because of uncertainty around pricing and demand for space.

Halsted Flats was constructed in 2014 and is one of the few new luxury apartments in the area. It first hit the market in October 2018 when Chicago’s rental market was red hot and developers were converting their condos to rentals. The developers never found a buyer.

Halsted Flats is about 91 percent occupied. Its average unit rental price was $2.93 per square foot in the third quarter, according to CoStar.

The developers financed the project with a $58.5 million construction loan and then refinanced it with a $72.5 million loan in 2015. The developers told the city in 2012 it would cost $73.4 million to build.

JDL is one of Chicago’s most active residential developers. Its other projects include One Chicago in River North. It also recently released plans for North Union, a 2,680-unit megadevelopment on River North that could be the city’s largest development project in 20 years.

[Crains] — Keith Larsen


Related Articles

arrow_forward_ios
Blackstone’s Jonathan Gray and CenterPoint CIO Jim Clewlow with one of the properties, 225 Spring Lake Drive, Itasca (Getty, Linkedin, Google Maps)
Blackstone expands industrial reach with $151M Chicago buy
Blackstone expands industrial reach with $151M Chicago buy
(Arlington Park, Google Maps)
Churchill Downs looks to sell 326-acre Arlington Park race track
Churchill Downs looks to sell 326-acre Arlington Park race track
Chicago this week raised indoor dining to 40% of a venue's capacity. (iStock)
Filling up: Chicago boosts indoor dining capacity
Filling up: Chicago boosts indoor dining capacity
Photo illustration of the Silver Lake Country Club (Silver Lake CC, iStock/Illustration by Kevin Rebong for TRD)
Orland Park golf club hits market as residential redevelopment
Orland Park golf club hits market as residential redevelopment
Sterling Bay CEO Andy Gloor and Prudential Plaza (Getty)
Sterling Bay sues Tribune over $5M in skipped rent
Sterling Bay sues Tribune over $5M in skipped rent
Berkadia CEO Justin Wheeler with Moran & Co.'s Tom Moran (Getty)
Berkadia picks up longtime multifamily brokerage
Berkadia picks up longtime multifamily brokerage
The owner of Johnny’s IceHouse East wants to sell the 50,000-square-foot building. (Johnny's IceHouse via Facebook, iStock)
No more ice ice, baby: Indoor skating rink hits market as redevelopment opportunity
No more ice ice, baby: Indoor skating rink hits market as redevelopment opportunity
110 North Carpenter Street and 333 South Wabash Avenue (Sterling Bay, Shvo)
Here are Chicago’s 10 biggest investment sales of 2020
Here are Chicago’s 10 biggest investment sales of 2020
arrow_forward_ios

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

Loading...