A prominent Gold Coast high-rise is undergoing a change of ownership, as recent reports have surfaced that a venture led by Bob Buford is purchasing The Chicagoan—a 221-unit apartment tower at Rush Street and Chicago Avenue.
Built back in 1990 and standing 36 stories high, The Chicagoan was once one of the premier places to call home in downtown Chicago roughly 25 years ago, but as the market has evolved and buildings have started to include considerably more lifestyle amenities, some might consider this Gold Coast apartment tower to now be a bit of a fixer-upper. What can’t be argued however, is the building’s prime location, which is just steps from Michigan Avenue and a host of shopping and dining options all along Rush Street.
Over the past few years, the downtown Chicago rental market has blown up significantly and according to some reports, developers will complete over 9,500 more apartments in the downtown area over the next two years.
Although some believe the incredible amount of competition will eventually force landlords to cut rent prices and in turn depress property values, the short-term future for Chicago’s apartment market is bright and a re-vamped building in one of the hottest neighborhoods in the city will certainly only add to what should be an interesting next couple of years.
Currently, rent prices at The Chicagoan range from $1,600 per mont for a convertible to $7,500 per month for the building’s highest priced three-bedroom. For more information on The Chicagoan sale, check out the recent Crain’s piece here, or call Chicago’s Property Shop to begin your Luxury Chicago apartment search today!