(Mark Your Calendars: RealShare Apartments 2011, October 20 in Los Angeles).
CHICAGO-Moran & Co. has launched a marketing campaign for Parc Huron, an apartment investment opportunity in Chicago. Completed in 2010, Parc Huron is a Leed Gold Certified, 221-unit luxury boutique high-rise apartment property located on the corner of Huron and Kingsbury.
The location is an up-scale residential enclave of the popular River North neighborhood in Downtown Chicago, according to a prepared statement. Parc Huron’s modern unit mix of 62% one-beds, 30% two-beds, and 8% three-beds, with a large average unit size of 969 square feet, is designed to appeal to a large pool of potential residents including singles, roommates, and families.
Parc Huron’s combination of modern architectural design, best-in-class unit finishes, attractive resident amenity package, and amenity rich urban neighborhood location make it one of the most desirable and prestigious properties in Chicago, as evidenced by a short 10-month initial lease-up and market-leading rents.
As GlobeSt.com previously reported, in June 2010, residents began moving into the $82-million tower. The 21-story building started out as a condo project.
M&R Development, a sister company to RMK, bought the project for $8.3 million in 2008 from Miami-based Lennar Corp. when it was a planned condo building. However, with the market shift, RMK officials said at the time that the River North tower made more sense as an apartment building.
GlobeSt.com was not able to obtain further information on offering price or occupancy rate by deadline. The Chicago apartment market has remained on track to post vacancy of less than 5% for the first time since the recession started driven by the positive effects of steady job growth on household formation, says a report by Marcus & Millichap. “Reduced availability of rentals continues to support property owners’ attempts to raise rents, and rent growth will accelerate over the second half of 2011, especially in the city where tenant demand remains robust. Job creation may ease in response to slower US economic growth, but demand-driven decreases in vacancy will persist for the next several quarters while the construction pipeline remains barren.”
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
