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Lincoln Park Sale Hits Per-Unit High on Pricing
Chicago-based Novak Development has sold a 32-unit rental building at 2050 N. Clark St. In Lincoln Park to HP Ventures for $20.5 million, reported Crain’s Chicago Business, citing Apartment Investment Advisers, the brokerage that arranged the sale. The price works out to nearly $641,000 a unit, the most paid per unit for a Lincoln Park apartment building in at least five years, according to MSCI Real Capital Analytics.
The high per-unit price reflects the building’s high rents and large units. Residents there pay $3,000 to $7,000 per month for apartments ranging from 780 to 1,750 square feet, according to AIA. The boutique building, which opened in 2018, features private balconies and high-end finishes, and caters to wealthy tenants who are renters by choice. The property is 100% leased.
“The quality of the location and the quality of the construction really stands out,” said AIA’s Bill Cassin, who brokered the deal.
Photo of 2050 N. Clark courtesy of Novak Construction.
- ◦Sale/Acquisition
