Chicago’s Parliament Enterprises bought a newly built condo building in the Far North Side for $18.7 million.
The property, at 4757 North Ashland Avenue, is a 39-unit luxury apartment building that sits on a 17,940-square-foot lot near Chase Park. It was previously the site of a low-rise auto repair shop, city records show. Two ground floor stores, totaling 4,030-square feet, are being marketed for lease, according to a brochure from commercial brokerage firm Seneca Real Estate Group.
The seller is 4757 Ashland LLC, an entity controlled by Steve Haramaras. Parliament is funding the purchase with a $9.7 loan. The lender for the mortgage is Amalgamated Bank of Chicago. Parliament couldn’t be reached for comment.
The deal comes amid rising demand for Chicago apartments. According to the latest multifamily report from brokerage firm Marcus & Millichap, 9,900 units were leased in the city from April through June, marking the strongest quarter in more than 10 years. The report says many renters are moving back to the city due to increasing vaccination rates and a push to return to offices.
The increasing demand coincided with large multifamily deals across the city. In July, Streeterville’s McClurg Court sold for $175 million, the highest price for a multifamily deal in Chicago this year. In late October, Dallas firm Lincoln Property Company paid $94.2 million for the Bernardin Apartments, a 171-unit River North residential complex.
Chicago rental rates remain modest despite rising demand. According to a report from ApartmentList, rents in the city rose just 8.5 percent over the past 12 months. The figure is almost half the national average of 16 percent and is lower than the 10 percent for the entire state of Illinois.