Kimball Station's 59 homes to be leased

Kimball Station, 4720 N Kimball Ave, Albany Park, Chicago

I received word yesterday that developer Seamus Murnin will convert all 59 of the new-construction condos in Kimball Station into rental apartments. The move comes just two months after we learned that Mod, a 56-unit development at 1222 W Madison St in the West Loop, would be taking a similar course.

“After a careful market assessment, the developer has decided to lease the units,” writes @properties agent Jeff Kerr, in an email.

When I last checked in with Kerr in March, he and Rusty Schluchter had just assumed sales and marketing duties of the development, and he reported that none of the condos had yet been sold.

Kerr passed along a price sheet for the rental rates, which shows that one- and two-bedroom condos that were previously priced from the $180s to the $370s will now be rented for $1,200 to $2,000 per month. I found only one listing on the MLS, but there are currently 25 ads in the rental section of Craigslist. The @properties development Web site for Kimball Station is still running, and you can view photos and floor plans there.

(Visited 202 times, 1 visits today)