PMG cashes out of “Hipster Highway” apartment complex for $42M

As one developer collects its profits from selling a Milwaukee Avenue apartment building, another is looking to do the same.

New York-based developer Kevin Maloney’s Property Markets Group sold L Logan Square, a 140-unit apartment complex at 2211 North Milwaukee Avenue for $42 million, or $300,000 per unit, Crain’s reported. The buyers include executives at the multifamily brokerage Essex Realty Group, records show. The complex is 89 percent occupied, with the average apartment renting for $1,875 per month.

Two miles down the road, Clayco’s development arm, CRG, tapped Walker & Dunlop to sell a 132-unit apartment building at 1980 North Milwaukee Avenue, which is more than 85 percent occupied with average rents of $2,117 per month.

Property Markets Group and Clayco were among the developers who flooded the Logan Square and Humboldt Park areas before the pandemic hit, with both buildings opening between 2016 and 2018.

The neighborhood experienced a housing boom thanks to its easy access to downtown but drew raised concerns about gentrification from residents and activists. The stretch of Milwaukee Avenue, lined by both bike lanes and the CTA’s Blue Line, has been dubbed the “Hipster Highway” for its popularity among cyclists and young professionals.

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Chicago

Logan Square church project receives $2M for affordable apartment conversions

In December, Chicago-based Trilogy Real Estate bought a nearby 138-unit apartment building at 2340 North California Avenue, a block from North Milwaukee Avenue, for $37.5 million from a group led by local developer Enrico Plati.

[CCB] — Victoria Pruitt