Chicago & Midwest CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

Sub Markets

Property Sectors

Topics

Chicago & Midwest  + Downtown  + Apartments  | 

Parkline Chicago Switches Condo Units to Rentals as Downtown Market Heats Up

Parkline Chicago developer Moceri + Roszak has completed construction on the Loop residential tower’s  24 condominium residences and will now lease those units as ultra-luxury apartments to capitalize on the booming downtown apartment rental market. Named the “Penthouse Collection,” the 24 high-end apartments sit atop 189 rentals that reached full lease-up in July.

 “When you look at the data on the recent lease-ups in the Chicago area and the tremendous success we’ve had leasing our existing apartments at Parkline since we started in February 2021, it makes sense to shift our for-sale condos to ultra-luxury rentals,” said Thomas Roszak, FAIA, partner of Moceri + Roszak and principal of Thomas Roszak Architecture, Parkline’s architect. 

He added, “The valuation of the building simply has greater potential with the upper-level residences renting as penthouse apartments rather than being on the market as condos. The shift is a logical, calculated business decision.”

Connect

Inside The Story

Moceri + Roszak’s Roszak

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 GlobeSt.com 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).

Step 1: Select Education
  • ◦Development
NewPoint-07-cube
AshcroftCapital-07-cube
NAIOP-11-cube
New call-to-action