Fifield buys Logan Square apartments from Tandem for $31M
Buyer takes over for developer that joined mid-2010s development flurry in Northwest Side neighborhood
Chicago developer Tandem has cashed in on the Logan Square development boom.
The builder sold its MODE Logan Square apartment complex to a trust that shares an address with Chicago’s Fifield Companies for about $30.7 million late last month, Cook County public records show.
Located at the intersection of West Armitage and North Campbell avenues, MODE consists of 78 units across two four-story buildings, as well as 6,500 square feet of retail space. The complex is a redevelopment of a former fine arts storage facility.
A Tandem predecessor started the rezoning and development process for the property in 2013, joining a flurry of residential players seeking to add rental stock to the Northwest Side neighborhood known for its dining and entertainment scene, according to local news reports. The project was completed in 2017.
Tandem’s website describes the apartment complex as a $23 million project. Neither Tandem nor Fifield responded to requests for comment.
Multifamily rents in Chicago and its suburbs are projected to grow by 4.8 percent in 2023, lifting the average effective rent to $1,980 a month and giving the metro area one of the largest gains in the nation despite the growth being tempered somewhat by increased availability and new construction, according to a market forecast from Marcus & Millichap.
Rents at MODE range from $950 to $2,100 for a studio apartment, $1,015 to $2,880 for a one-bedroom, $1,013 to $3,665 for a two-bedroom, and $4,015 to $4,145 for a three-bedroom.
Major development firms are still targeting Logan Square, with Inland National Development Company helming a 100-unit project on West Belden Avenue geared toward younger tenants and Blue Star and Marc Realty getting approval to turn the vintage Grace Furniture Building on North Milwaukee Avenue into a gym.
Tandem has also moved in on the West Loop, recently completing a 196-unit luxury apartment complex at 1044 West Van Buren Street.