Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Millennium on LaSalle in Chicago CBD Achieves 96% Occupancy
The Millennium on LaSalle, 28 S. LaSalle, is a 218-unit property that underwent a commercial-to-residential conversion in the heart of Chicago’s Loop. When Peak Properties took over barely a year ago, occupancy was around 55 percent for a myriad of reasons, and now the property has achieved 96 percent.
“Once engaged, our client appreciates our objective review of their asset,” says Mike Zucker, managing partner of Peak Properties. With our proven tools and track record, we can effectively support both owners and residents.”
At Millennium on LaSalle, a “cleaning of the house” improved operations, reduced costs, and streamlined the leasing process. Tenant retention increased from 20% to 70%, rent collections by day five increased from 18% to 99%, and rental income increased by 32.5%.
