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Apartment Sale Sets Per-Unit Record for Chicago Suburbs
Chicago-based Focus Development has cashed out of a new ultra-luxury Lake Forest, IL apartment project for $53.8 million, in what Crain’s Chicago Business reported was a rare big deal in a real estate market turned upside down by the coronavirus pandemic.
Focus sold Kelmscott Park Apartments, a 111-unit development in downtown Lake Forest that the developer completed in 2018, to Boston-based Intercontinental Real Estate, which owns other properties in Chicago. Intercontinental paid about $484,000 per unit, a per-unit record price for the Chicago suburbs, according to Real Capital Analytics. JLL brokered the deal.
However, Crain’s reported that the sale may not say much about the state of the broader apartment market. The property is located in one of Chicago’s wealthiest suburbs, which Crain’s said is well insulated from recent economic havoc, and its predominantly over-50 renters have an average annual household income of about $320,000.
- ◦Sale/Acquisition
