A higher-rise apartment developing in Streeterville that homes 1 of Chicago’s oldest taverns has hit the current market – devoid of an asking price tag.
Located in the Chicago neighborhood with the optimum median house earnings, the 172-unit Canterbury Court docket Apartments at 1220 North Point out Parkway is expected to sell for up to $35 million, the Chicago Business Journal documented.
“The marketplace will build the pricing by means of their delivers,” claimed Lee Kiser, whose Kiser Team is representing the operator. “We expect the asset will trade amongst $32 and $35 million.”
The vendor has owned the 16-tale making, which is 96 per cent occupied, for the last 48 a long time and is selling to retire.
Designed in 1928, the building was originally a resort. It is composed of 143 studios, 26 a single-bedrooms and a few two-bedrooms. Its ground flooring homes the Zebra Lounge piano bar, which opened in 1929 and is Chicago’s fourth-oldest bar.
“The purchaser has an chance to make investments in a piece of Chicago background,” said Kiser’s Andy Friedman. “Many of the unique attributes from 1928 have been carefully preserved and managed, offering the alternative to continue on existing operations or renovate and reposition the asset.”
In accordance to the hottest census, the median domestic cash flow for Streeterville is $125,000, as opposed with a median $62,000 for the city of Chicago.
[CBJ] — Victoria Pruitt