A Recently Completed 167-Unit Boutique Luxury Apartment Tower Located in Chicago’S Prestigious West Loop Neighborhood
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A recently completed 167-unit boutique luxury apartment tower located in Chicago’s prestigious West Loop neighborhood. EXECUTIVE SUMMARY Holliday Fenoglio Fowler, L.P. (“HFF”) an Illinois licensed real estate broker. is pleased to present Gateway West Loop, a recently completed 167- unit boutique luxury apartment tower located in Chicago’s dynamic HFF and growing West Loop neighborhood. With its fantastic walk- to-work location, including just blocks from Google’s new Midwest headquarters, Gateway West Loop is positioned in an enviable location in downtown Chicago. Additionally, Gateway West Loop is just steps from Chicago’s top restaurants and nightlife including Randolph Street’s restaurant row and the burgeoning Fulton Market district. Gateway West Loop offers a modern apartment lifestyle featuring sleek apartment interiors catering to the diverse resident base flocking to the area including millennials, empty-nesters, and tech-oriented professionals. A resort- like amenity package is highlighted by an expansive rooftop deck and swimming pool featuring unobstructed views of downtown Chicago and surrounding neighborhoods. Gateway West Loop welcomed first resident move-ins in late July 2015 with the final certificate of occupancy and completion of the amenity deck in September 2015. The property has enjoyed strong lease-up momentum with an average of 7.0 leases signed per week since first resident move-ins. The property is currently 64.4% leased and 52.8% occupied (as of 10/15/2015). Lease-up is expected to be complete with full occupancy projected in early 2016. The property is uniquely positioned at the doorstep of Chicago’s most dynamic neighborhoods, serving as the "gateway" between the traditional Loop business district and the vibrant West Loop neighborhood. A former warehouse and meatpacking district adjacent to the Chicago CBD, the West Loop is a rapidly transforming neighborhood catalyzed by a world-renowned restaurant scene centered on Randolph Street as well as an emerging tech hub anchored by Google's Midwest headquarters opening in late 2015. 2 EXECUTIVE SUMMARY APARTMENT AMENITIES Quartz kitchen countertops Warm wood vinyl plank floors Stainless steel appliances Luxurious espresso stained cabinetry with modern hardware West Loop loft-style exposed concrete ceilings Floor-to-ceiling windows Balcony/terrace with city views Large walk-in closets Preloaded DirecTV and WiFi internet in each apartment home COMMUNITY AMENITIES Rooftop amenity floor with expansive city & sunset views Sleek stainless steel pool & expansive sundeck Outdoor grilling stations Landscaped lounge areas with fire pit Sky lounge with sophisticated wet bar State-of-the-art fitness center and yoga studio Complimentary WiFi throughout all amenity areas Lobby coffee bar 24/7 front desk & concierge service Valet dry cleaning Leasable secured indoor bike storage and tenant storage available Covered garage parking LEED certified (application submitted) EXECUTIVE SUMMARY 3 OFFERING SUMMARY PROPERTY ADDRESS: 11 South Green Street Chicago, IL 60607 DEVELOPER/OWNER: Lennar Multifamily Communities/Ares Management FIRST MOVE-INS: Late July 2015 NUMBER OF UNITS: 167 units RESIDENTIAL SQUARE FEET: 129,309 SF AVERAGE UNITS SIZE: 774 SF COMMERCIAL SQUARE FEET: 4,570 SF PARKING SPACES: 95 spaces AVERAGE ASKING RENT: $2,453 AVERAGE ASKING RENT PSF: $3.17 UNITS LEASED (AS OF 10/15/2015): 64.4% UNITS OCCUPIED (AS OF 10/15/2015): 52.8% FINANCING: Free and Clear - available on an All Cash basis. Please contact Matthew Schoenfeldt (contact information on back of this offering for debt quotes/assistance). TOUR DATES: Please contact HFF to set up a tour of the community. The Owner and HFF respectively request that interested parties refrain from contacting any on-site personnel or residents. Tours must be scheduled in advance by contacting Sean Fogarty: Sean Fogarty 312.528.3675 [email protected] UNIT MIX SUMMARY ASKING RENT CODE DESCRIPTION COUNT SQ. FT. $ PSF LEASED 0x1 Studio/Efficiency 36 435 $1,708 $3.93 71.4% 1x1 One Bedroom 83 711 $2,310 $3.25 65.4% 2x2 Two Bedroom 48 1,139 $3,259 $2.86 57.4% TOTAL/AVERAGE 167 774 $2,453 $3.17 64.4% 4 EXECUTIVE SUMMARY EXECUTIVE SUMMARY 5 RACINE DAMEN AV AV E E SHEFFIELD SOUTHPOR Wrigley Field AV N ST E O IS DD T A AV E ADDISON ST ADDISON ST LAKE ASHLAND HALSTED ST L SH I NO N C RT O OL H BROA RE N A AV V DR E C E LA DW I R VE K AY ST D RACINE AMEN AV AV E E BELMONT AVE BELMONT AVE BELMONT AVE SOUTHPOR SHEFFIELD NOR T AV AV TH BROADW E E SHERIDAN RD AY C ASHLAND LA R K LAKE SHORE DR ST AV 19 E L HALSTED ST IN C O DYNAMIC WEST LOOP NEIGHBORHOOD L N AV E RACINE DAMEN AV E AV E Arguably the hottest urban submarket in the country, the well-documented DIVERSEY PKWY DIVERSEY PKWY DIVERSEY PKWY emergence of the West Loop continues to gain momentum. A former meatpacking, LA K E SHOR STOCKTON DR SOUTHPOR E DR C ASHLAND L IN AN warehouse and distribution I hub, the art-edgy neighborhood combines a mixture of C O N VE T L N O N AV AV DR E E AV C E LARK S new and oldT warehouse buildings, and an exciting dining scene featuring some of HALSTED ST LAKEVIEW Lincoln RACINE SHEFFIELD Park 444 W LAKE 150 n riverside AV AV C E L Y E B AV O U R E N the best restaurants and chefs in the city. Positioned within walking distance of the AV UNDER CONSTRUCTION UNDER CONSTRUCTION E FULLERTON AVE FULLERTON AVE FULLERTON AVE Chicago CBD, the WestLINCOLN Loop maintains a sense of historical character and industrial PA RK W 19 C LARK E L LS grit despiteIN undergoing a renaissance frequently compared to the transformation of T C S O O T STOCKTON DR N L N A V AV E E WEBSTER AVE WEBSTER AVE WEBSTER AVE WEBSTER AVE ASHLAND the Brooklyn neighborhood in NYC. SEDGWICK ST Oz Park CL RACINE DAMEN Y Lincoln Park Zoo A BO K VE U E R N N NE AV AV L AV E D AKE Y E E E XP ® RE SH S S WA O Y RE DRI HALSTED ST ARMITAGE AVE ARMITAGE AVE VE ARMITAGE AVE SHEFFIELD PROXIMITYLARRABEE ST TO RESTAURANT ROW CLARK COURTLAND ST S T AV ST E E O L C ST KT willis tower COURTLAND ST ON O N AV The collection of award-winningD restaurants centered on Randolph Street, two E R WELLS ST blocks from GatewaySEDGWICK ST West Loop, has earned the corridor the “Restaurant Row” label, WILLOW ST North Avenue Beach DAMEN C LY BO U AV R 90 N A E VE a reputation that continues to evolve. Established hits include Next from renowned Chicago History Museum 19 NORTH AVE 94 chef Grant Achatz, Girl & the Goat from Stephanie Izard, Graham Elliott Bistro, Avec, john hancock ASHLAND M ELSTON IL W AU KE E AV AV A E V E E Blackbird, Nellcote, and The Publican. Frequent new restaurant announcements center from acclaimed chefs continue to propel the West Loop’s status as the foremost Pulaski Park K D ENNEDY EXPRESSW AMEN food destination in the Midwest and one of the best in the country. AV E 111 NORTH CANAL DIVISION ST DIVISION ST DIVISION ST Oak Street AY Beach M IL W AU KE E AV E HALSTED ST 19 N O ASHLAND R TH BRA N ASHLAND CH ST AV AUGUSTA BLVD E AV E GOLD COAST/ DAMEN 90 NEAR NORTH AV E Eckhart Park 94 CHICAGO AVE CHICAGO AVE RIVER SOUTH 19 NORTH STREETERVILLE Navy Pier GRAND AVE GRAND AVE C ASHLAND I LAKE SHORE DRIV CA G AV DAMEN O E madison street AV R E I FULTON ST V E E R EAST LAKE ST LOOP LAKE MICHIGAN RANDOLPH ST Union Park WEST Maggie Daley LOOP CENTRAL Millennium Park Park MONROE STREET LOOP 19 MONROE ST Butler The Art Institute green street Field of Chicago VE A DEN OG JACKSTON BLVD LAKE SHORE DRIV adams street Grant Park E halsted street 290 Buckingham Fountain HARRISON ST HARRISON ST LOOMIS ST VE A SOUTH DEN OG LOOP BALBO AVE WOOD ST COLUMBUS DRIVE A SHLAND D AMEN AV AV Lower E E Hutchinson Field TAYLOR ST 19 TAYLOR ST 6RACINE EXECUTIVE SUMMARY AV E Shedd Aquarium ROOSEVELT RD ROOSEVELT RD Adler Planetarium CHIC LOOMIS ST The Field Museum A HALSTED ST G O R I V E LA MICHIGAN KE SH WA ST Soldier AT Field BASH O E ST RE AV E DAN AV DR ASHLAND E I DAMEN VE RY CLARK ST R AN EXPRESSW AV AV Northerly E Island E E AV D N A SL CANAL ST I AY E U BL 18TH ST 18TH ST 18TH ST 18TH ST 18TH ST RACINE HALSTED ST LOOMIS ST RT AV ALPO 19 E N CA 21ST ST E AV 21ST ST R CHE AR CERMAK RD 90 CERMAK RD CERMAK RD CERMAK RD W ST MICHIGAN ABASH AT E ST DAMEN ASHLAND AV E AV 94 E AV AV E E RD D AN ISL CANAL ST BLUE E AV R LOOMIS ST CHE AR LA KE SH O RE D 26TH ST 26TH ST R I 55 26TH ST VE HALSTED ST MAR AY 90 TIN LUTHER KING DR MICHIGAN N EXPRESSW SO W EN ABASH LOWE TEV S AV E AV AV 94 E E A ST SHLAND RD AT S E ST S E LO C C AV O A E MI C E A E PL AV S T R KE HE ST AR C D M AR DAN AMEN RY AV E AN EXPRESSW 19 31ST ST 31ST ST 31ST ST 31ST ST AY INDIANA AV E HALSTED ST E V ASHLAND LOWE A R E CH AR MICHIGAN AV E AV WOOD ST ST E AT AV E ST E 35TH ST 35TH ST 35TH ST 35TH ST 35TH ST 35TH ST 444 W LAKE 150 n riverside UNDER CONSTRUCTION UNDER CONSTRUCTION ® willis tower john hancock center 111 NORTH CANAL madison street MONROE STREET green street adams street halsted street EXECUTIVE SUMMARY 7 HUB OF TECH SECTOR EXPANSION The West Loop is quickly emerging as the hub of Chicago's burgeoning tech scene anchored by Google, which is scheduled to move its new Midwest headquarters into a retrofitted 10-story former cold storage building in late 2015.