The downtown market is still a major hot spot for investors, which is why we’re excited to announce that a 35 story, 367-unit apartment tower is coming to the Gold Coast in 2013. Chicago-based investment firm Newcastle Ltd. has purchased property on the southeast corner of State and Chestnut streets, and groundbreaking is expected to take place next summer.
The Chicago new apartments will offer studio, one bedroom and two bedroom apartments, 185 parking spaces, 3,200 square-feet of retail space and an entire floor of amenities.
This isn’t the first Chicago property Newcastle acquired in 2012. Last summer, the investment firm purchased two properties at the corners of Pierce and Damen Avenues in Chicago’s Bucktown neighborhood. 2010 West Pierce is a four-story apartment building with 18 apartments and 1542 North Damien is a 13,500 square foot mixed use building with 6,700 square feet of office space and 6,800 square feet of retail space.
2012 has been a huge year for apartment investors, and about 4,700 downtown apartments are expected to be added within the next two years.
The Gold Coast is similar to the Lincoln Park neighborhood in that rents are high and vacancy rates are low. Gold Coast condos also sell at a higher than average value of $433 per square foot. The two neighborhoods are expected to have strong rental and single-family markets in 2013.