It seems like only yesterday that we were reporting steep price cuts on apartments at EnV in River North. It was, in fact, all of four days ago.
Yesterday’s email brought the details of another round of even deeper price cuts from EnV:
Bring a client into EnV Chicago and receive 100% commissions! This is for a limited time only; the client(s) must move in by 6/13/12. This week we are offering AMAZING specials – 2 months FREE on all floor plans if they sign a 13 month lease; they will get an ADDTIONAL [sic] 2 weeks FREE if they move in by 6/13/12. Finally if they look and lease within 24 hours they will receive 1/2 off the administration fees (we normally charge $500 so it would only be $250).
The latest discounting works out to 19.2% from pro forma rents, and 27% if you factor in the commission to the apartment rental services.
According to a recent Marcus & Millichap report, vacancy levels are low – in general – in Chicago.
EnV sold recently for a reported $483,000 a unit to a deep-pocketed owner – MetLife.