Interra Realty has been exclusively engaged to market 1900 W. Lawrence Avenue, Chicago, for sale. The subject investment property is a mixed-use asset in the Ravenswood Neighborhood of Chicago's north side. The property is comprised of 59 luxurious apartments over street-level commercial and garage parking spaces.
Approximately 90% of the commercial space is net leased to DeVry University, a for-profit university based in Illinois. DeVry has approximately seven years of term remaining and offers both graduate and undergraduate programs at this location. The remaining portion has a signed LOI for a Pilates studio.
The apartments have spacious layouts and luxurious finishes. All apartments have individual HVAC and in-unit laundry. Select units offer unique, duplex floorplans, which have very limited competition in the submarket. Residents have access to multiple lounge / co-working spaces and a rooftop deck with grilling stations.
A new investor has the opportunity to acquire a prominent, full-block asset in one of Chicago's most sought-after neighborhoods. The property is stable but presents the ability to push rent levels given the limited supply of competitive rental stock in the submarket.
- Prominent, Full-Block Asset in Prime Ravenswood Location
- Commercial Anchored by DeVry University on Long-Term Net Lease
- High-End Apartments with Larger Layouts than Competitive Stock
- Multiple Common Area Lounges and Outdoor Spaces
- Rare and Attractive Parking Ratio
- 9.78% Average Rent Growth for All New Residential Leases and Renewals since Jan. ‘23