Developer acquires 182-unit apartment portfolio in Lakeview

Chicago developer Concord Capital recently announced its acquisition of the Elaine Place portfolio, nine apartment buildings along the 3400 block of North Elaine Place in Lakeview. Acquired from seller CLK Properties in an off-market transaction, the assemblage was purchased for $61.5 million. 

Located on a tree-lined block between Wrigley Field and Lake Michigan, the buildings date from 1894 to 1959 and total 182 residential units with 105 parking spaces. Situated two blocks from the lakefront and walking distance to CTA Red Line service, the portfolio was approximately 95 percent occupied at closing.

“This is a generational asset and there is no version of it you can build today,” said Drew Millard,Principal at Concord Capital. “One hundred five parking spaces and this level of architecture, on a single block between Wrigley and the lake, in one of the best rental submarkets in the country. That assemblage does not come to market, and this one did not. We bought 182 units well below replacement cost with FAR for 306.”

Since the apartments are already in excellent condition, Concord Capital plans to perform selective cosmetic refreshes at lease renewal or at turnover for individual units as necessary. 

Additionally, the site carries existing FAR that would allow for up to 306 residential units, giving Concord the opportunity to add density on the property, which it plans to retain as a long-term hold.