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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.


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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition