CHICAGO, IL – HFF announced today that it has been named to market for sale 77 West Huron, a 304-unit, 25-story luxury multi-housing community with ground-floor retail space in Chicago’s River North neighborhood.
The HFF team representing Archstone includes executive managing director Matthew Lawton and managing directors Marty O’Connell and Sean Fogarty. The property is offered without a formal asking price free and clear of existing debt.
77 West Huron is located within walking distance of “The Magnificent Mile” and CTA train and bus service in Chicago’s River North neighborhood. The property has studio, one-, two- and three-bedroom homes that range in size from 536 square feet to 2,862 square feet and offer panoramic views of the downtown skyline. The 25th floor functions as the amenity level and features an indoor heated pool, sauna, exercise room, locker rooms and sundeck with lounge furniture and grills. Additional community amenities include doorman service, a laundry room, on-site dry cleaners, bicycle storage and a 192-space parking garage.
“The property has excellent value-add potential through a renovation program for both kitchens and baths as well as common areas. Being located in the River North neighborhood is ideal for residents and is further supported by its current occupancy of 99%,” commented Lawton.
Archstone is a recognized leader in apartment investment and operations. The company's portfolio is concentrated in many of the most desirable neighborhoods in and around Washington, D.C., Los Angeles, San Diego, San Francisco, New York, Seattle and Boston. Archstone strives to provide great apartment rentals and great service to its customers—backed by service guarantees. As of March 31, 2011, the company owned or had an ownership position in 428 communities located in the United States and Europe, representing 76,891 units, including units under construction. Utilizing this tremendous amount of expertise and institutional knowledge, Archstone now also offers comprehensive advisory services to owners and lenders who want to maximize the value of their assets through Archstone Real Estate Advisory Services.
Holliday Fenoglio Fowler, LP (“HFF”) and HFF Securities LP (“HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 19 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, advisory services, structured finance, private equity, loan sales, and commercial loan servicing. For more information visit: www.hfflp.com.