New apartments planned in neighborhoods near Loyola
Posted by loyolastudentdispatch on August 15, 2012
Loyola University Chicago students will have more apartment rental options in the future, as a developer plans to rehab seven buildings in Uptown and Edgewater, placing 1,200 new apartment units on the market.
Here is a portion of the story from the Chicago Sun-Times:
Jay Michael and his business partners are intent on building apartments and a brand. They insist they can do it in a way that helps neighborhoods turn around. Uptown and Edgewater on the North Side are about to put them to the test.
Michael’s Cedar Street Co. has acquired seven buildings representing 1,200 apartments, primarily in those communities. By early next year, Michael plans to have finished a complete rehab on each and to rechristen them as part of his nascent brand, Flats Chicago.
Flats, he said, is supposed to stand for “big style in smart places” at rents that don’t overshoot the market. With partners Alex Samoylovich and Thomas Kim, Michael hopes Flats will become known for offering modern finishes and unexpected amenities, such as a pool, sports club or skydeck lounge. The projected rents range from $800 a month for a studio to at least $1,400 a month for a two-bedroom.
The three men, all in their early 30s, are school chums from Skokie who reconnected to launch their real estate venture. Samoylovich said they have raised $75 million in equity and acquired the buildings in distress sales at 20 percent to 30 percent of their debt. Many apartments were unused or uninhabitable.
They range from early 20th century vintage buildings to four-plus-ones. Except for a deal in west Lincoln Park at 2478 N. Clybourn, the other Flats will be in Uptown or Edgewater at these addresses: 1025 W. Sunnyside, 1325 W. Wilson, 5718 N. Winthrop, 5411 N. Winthrop, 5051 N. Kenmore and 4875 N. Magnolia.