Burnham Pointe and Astoria Tower: Comparing two condos-turned-rentals in the South Loop

Burnham Pointe, Chicago Astoria Tower, Chicago

Burnham Pointe and Astoria Tower are a couple of South Loop apartment towers that started out as condo projects. The former was a little ahead of the curve when it came to converting; while some of the neighborhood’s troubled buildings still haven’t transitioned to rental (Lexington Park being a notable example), Burnham Pointe made the shift nearly three years ago. Astoria Tower didn’t go rental until the beginning of this year, but got off to a quick start, leasing out about 35 of its 205 units by the time Appraisal Research Counselors‘ Downtown Chicago Residential Benchmark Report came out in early February.

Given their similar histories and close proximity (Google Maps says it’s just a two-minute stroll from one to the other), these towers seem ripe for some side-by-side comparisons. This morning I gathered data from both buildings’ websites, and current prices and unit sizes from Apartments.com, and sorted them into one spreadsheet.

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