Guggenheim Real Estate, Atlantic Realty Partners and Focus Development plan to build two apartments buildings in Chicago that would yield around 500 units.
The group’s project involves the construction of two buildings worth around $75 million each, according to Atlantic President and CEO Richard Aaronson. The developers are confident about the apartment building’s potential leasing capacity, as it is near the University of Illinois at Chicago and the Illinois Medical District.
For homebuyers looking to buy apartments in Chicago, Realty & Mortgage says that many rental property management companies can help them amid the soaring demand for rental properties in the city.
The West Side area will serve as the twin apartment buildings’ site, adjacent to $111 million Medical District Apartments. The existing 5.6 acre has an occupancy rate of 94% across its 410 units.
Other developers have gotten word about the project, which led them to launch their apartment plans. Local developer Jack Higgins’ mixed-use project nearby the John H. Stroger Jr. Hospital would include 200 flats, while his counterpart John Murphy also plans to redevelop the Cook County Hospital into a hotel-apartment building with around 150 residential units.
Aaronson and Murphy said the demolition of roughly 300 student housing units has caused demand to exceed the available supply. The demolished properties would be converted into a $500 million Rush outpatient center.
Rent vs. Own
Aside from the unequal ratio of student housing to medical facilities, local resident Anne McDermott said higher tax rates and lower housing prices represent another imbalance in Chicago. Rental property management companies are a suitable option for those looking to stay in the city for a short while.
If you still prefer to buy a house, you may want to steer clear from wealthy neighborhoods. Molly Phelan, a Chicago attorney specializing in real estate taxation, said property taxes have significantly risen in rich communities such as the Gold Coast and Lincoln Park. She attributed the increase to the larger value of homes since 2013.
While it certainly does not immediately make a person decide to move elsewhere, McDermott said high property taxes still causes her to think about transferring to other Midwest cities.
With more choices, people living and planning to move to Chicago won’t have troubles finding their home sweet home.