Real Estate
Failed Condo Development Saved from Foreclosure
The development was purchased for $4.5 million by a Chicago-based investor, meaning rent in the now-apartment building is about to shoot up.
A failed condo development just a block from the Western Avenue CTA Station is now safe from a potential foreclosure after being purchased by a Chicago apartment investor for $4.5 million, Chicago Real Estate Daily reports.
The developer behind the building at 1845 N. Western Ave. was hit was a foreclosure lawsuit in 2010 after failing to sell 12 of the 15 three-bedroom condos, Crain’s writes. Laramar—the nation’s 27th-largest apartment manager in 2012—purchased the building, titled Bucktown Station.
Although only three condos in the development sold since construction finished in 2008, the other 12 units are fully rented, the project’s real estate broker told writer David Lee Matthews. With tenants paying rents at $1.50 to $1.75 per square foot, rents will soon rise under Laramar’s control, considering Chicago’s fierce rental market.
Find out what's happening in Bucktown-Wicker Parkfor free with the latest updates from Patch.
The building also houses three retail spaces on the ground floor, meaning similar rental rate increases, especially seeing the building’s proximity to the Blue Line.
Tenants currently include Amazing Loans, Boost Mobile and Challenger's Comics.
Find out what's happening in Bucktown-Wicker Parkfor free with the latest updates from Patch.
Laramar also owns Lincoln Park’s 297-unit Belden Stratford and a 54-unit apartment portfolio in Lake View, Chicago Real Estate Daily notes.
Get more local news delivered straight to your inbox. Sign up for free Patch newsletters and alerts.