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Demand for Luxury Apartments Still Strong

Thousands of new units will open between now and the end of 2018, mainly in and near downtown, but the leasing activity at the Aurelien shows that demand exists to absorb the new supply.

By Brian J. Rogal | brianjrogal | Updated on August 02, 2017

chi-Aurelien (3) The Aurelien was meant to blend into the historic Gold Coast neighborhood.

CHICAGO—Three years after it began the design process and about two years after the start of construction, Ryan Cos. US, Inc., along with its development partner Lincoln Property Co., has completed Aurélien a $100 million luxury apartment tower in the Gold Coast and the company’s first major development in the City of Chicago.

The opening is a part of the city’s luxury apartment boom, which will result in thousands of new units opening between now and the end of 2018, mainly in and near downtown. But the performance so far of this 31-story, 368-unit tower located at the southeast corner of Clark and Chestnut streets shows that demand exists to absorb the new supply. The first residents have started moving in and the property is already nearly 50 % leased.

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