CHICAGO, IL - L Luxury Apartments, located in Chicago’s Logan Square neighborhood, hits the market. Owned by Property Markets Group (PMG), L Luxury Apartments has been listed for sale by Chicago-based commercial real estate brokerage KIG. The 120-unit asset was listed unpriced, and KIG will start guided tours of the asset soon.
Currently 93 percent leased, the luxury apartments have a mix of convertible, one-bedroom and two-bedroom units. The asset also features wildly successful 3-bedroom co-living units.
The Class A multifamily asset’s interiors boast high-end finishes, such as wide-plank flooring, quartz countertops, in-unit washers and dryers, energy-efficient stainless appliances, integrated overhead lighting and large walk-in closets. L is the first large-scale multifamily building in Chicago to use a proprietary smart phone app, instead of keys or fobs, to open doors. The asset features an amenity deck with a repurposed CTA train car (with glimmering reflection pond), two full grill stations, a fire pit, a verdant lawn area and two oversized dog runs. There are two ground floor retail spaces, one of which is a high-tech, digital beer tap. The ground floor also features a decked-out bike kitchen, for cycling residents, with direct access to Milwaukee Avenue. The L is a Transit-oriented development (TOD) with nearby access to the Blue Line and bus stops.
“PMG’s Noah Gottlieb had incredible foresight about an unserved luxury apartment need in Logan Square,” said Susan Tjarksen, KIG’s Principal and Managing Broker. “This is the start of the next generation of development in the neighborhood.”
“We are very excited to market “L”. The Logan Square neighborhood is experiencing stronger rent growth than the West Loop and River North,” said Todd Stofflet, KIG’s Managing Partner. “We expect a high level of interest from the investment community for this best-in-class asset.”
About KIG: KIG CRE LLC ("KIG") is a data-driven institutional multifamily brokerage based in Chicago and operating throughout the Midwest. KIG works with institutional owners and investors on the acquisition and disposition of large multifamily properties, including both newly constructed and existing communities with value-add potential, as well as larger portfolios and land sites. To date, the KIG team has brokered $2B in multifamily sales including 32,000 units and 145+ acres of land zoned for multifamily development in nine states including Illinois, Indiana, Wisconsin, Michigan, Ohio, Kentucky, Florida, Tennessee and North Carolina. Through the firm’s data arm, KIG Analytics, KIG delivers proprietary market intelligence to today's institutional investor, giving them a competitive edge in the marketplace. For more information, please visit www.kigcre.com.