ChicagoNorth Side

Flats Chicago still falling flat on Clybourn

by Joe Zekas on 1/22/14

In June of last year we suggested that “when hype runs far ahead of performance in real estate the performance more often than not falls flat.”

We were writing about Flats Chicago, a company whose website goes into warp speed on hype and leaves reality far, far behind.

Last June Flats Chicago’s Jay Michael told us that apartments at 2500 N Clybourn would be available for occupancy in mid-July. When we stopped by the perimeter of the building yesterday, there were no signs that occupancy was imminent.

Tip – you’d be foolish to lease an apartment from this company until you’ve seen the actual completed apartment and everything in the building is completed.

Note: We have a long-standing policy of not linking directly to the websites of companies that we don’t consider to be credible. We don’t want those sites to gain “Google juice” from a link from our site.

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{ 7 comments… read them below or add one }

Jeremy Lynch January 22, 2014 at 3:02 PM

The FLATS building near my place on Kenmore is a disaster…gang graffiti, empty 40s, needles, and trash every where and very little to no signs of rehab. I think it’s more than obvious at this point that this whole thing has been an attempt to buy and hype a bunch of distressed properties in a low income neighborhood in an attempt to flip the whole portfolio for a quick buck. It’s the same thing we saw a bunch of sleezey foreign condo developers do all over Uptown during the early 00s boom. On the plus side, Horizon has done excellent work with their buildings nearby on Sheridan…gorgeous rehabs with tenants!

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tone January 23, 2014 at 2:48 PM

How is the Somerset doing?

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Jeremy Lynch January 27, 2014 at 8:31 AM

Somerset is facing similar issues, bought by an inexperienced low-end suburban property company, they rushed in, made a bunch of noob mistakes (asbestos issues, really!?) and now work has stalled. I suspect they’re looking to cut and run as the Uptown rental market continues to soften.

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Jeffrey Littleton December 7, 2014 at 9:06 AM

I was just on Clybourn and walked past this property last night. It looks stalled. Like not much happening to finish the project much less lease it out.

Curious.

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Jeffrey Littleton December 7, 2014 at 9:08 AM

The lobby at Somerset looks nice…

Besides that not sure how the leasing is going, everyone I know who checked it out said they are asking too much for very small units.
I love Uptown, but if I was paying Streeterville rent I would want some Streeterville thrown in.

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Joe Zekas December 7, 2014 at 9:58 AM

Jeffrey

The property on Clybourn has a new owner and is now known as “The Maynard at 2500 North Clybourn.”

One-bedrooms are being offered at $2,000 a month, which some may find amusing for that location.

Reply

Jeffrey Littleton December 8, 2014 at 8:45 AM

The Maynard? Do you mean like Manard’s……where you save Big Money at Manards?

Good luck with that!

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