Somerset Place – is Uptown ready for upscale rentals?

It’s been 10 years since I’ve been in Somerset Place, 5009 N Sheridan Rd in the Margate Park neighborhood in Uptown. At the time it was a place where you didn’t want to linger.

It’s been over six years since I stopped by and took the above shots. I pass through the area periodically, but haven’t seen anything that drew me out of the car. The last time I visited the neighborhood, several months ago, police with drawn guns were in the middle of Sheridan just north of Argyle preparing to chat up some teenagers.

DNAinfo is reporting that the makeover of Somerset Place into upscale apartments is nearly complete. The building will have extensive common-area amenities and an unusually high level of interior finishes for the neighborhood. Occupancy is slated to begin early next month.

Studios in the building will rent from $1,200 to $1,399, one-bedrooms from $1,350 to $2,150, and 2-bedroom, 2-bath apartments from $1,939 to $2,400. Utilities are individually controlled and not included in the rent.

My guess is that it’s going to take a hard sell on the part of the rental services to renters who don’t have a grip on what they can find in more attractive areas further south for comparable rents. Am I missing something, or is this part of Uptown ready for upscale rents?

COMMENTS

WORDPRESS: 4
  • IrishPirate 3 years

    Joe,

    how bout a definitive answer of “I dunno”. Seems like a stretch, but I’ve seen smaller buildings around here get slightly lower rents for inferior units.

    One of my long term neighbors bought a second condo in the building he’s lived in for decades a few years back from the owner who was slightly “underwater” on his mortgage. Cut some deal with the lender. Anyhoo he mildly renovated it and is getting $2000+ for a 1400 square foot condo with one bath and one car outdoor parking. He had multiple renters wanting the unit within days of placing the ad.

    The Uptown renters market seems strong from a landlord’s point of view. Condo pricing hasn’t gotten back to the 2006 level yet, but it’s not that far off. Maybe 5-15 percent off peak pricing.

    With the train right there and the new Mariano’s two blocks north that’s a good location by Uptown’s admittedly moderate standards. Most of the gang activity is southwest and south of there.

    The problem the owner will almost certainly have is bringing that many units on the market as winter approaches. Relatively few people move during our lovely winter months. I would suspect the building won’t approach full occupancy until next spring.

    Until it approaches full occupancy we likely won’t get a reasonable idea of how realistic the asked for rents are.

    In any case it’s a HUGE improvement over the “One Flew Over the Cuckoo’s Nest” vibe that building gave off in the past.

  • IrishPirate,

    My problem with the rent levels is that I can rent a 1-bedroom in the brand new, full-amenity Halsted Flats (a client) for less than the high end at Somerset Place. Whole Foods is a short block away, Walmart isn’t much further, there’s a lot more to do in the area, including Wrigley Field and the Red Line is also close.

    I can rent a 2/2 in a full-amenity building in the Gold Coast for the high end of the 2-bedrooms at Somerset Place.

  • Joe Guzzardo 3 years

    Wow, I’m going to have to head over to the Somerset and take a look. I agree the rents seem very high but I imagine the units are large. This reminds me of what Holsten did several years ago to the Belle Shore and the Bryn Mawr. He laid the groundwork for a local renaissance. I’m hopeful the Somerset renovation will help achieve the same result.

  • Michael C 2 years

    This place is a disaster. The building has been beautifully renovated but the leasing managers are the worst. I have lived all over the country and in different “luxury” housing.. and this place is exceptional – the management runs it like it’s a prison. I also use the word “luxury” loosely when it comes to Somerset. You have to use coins to do your laundry. The staff is inconsiderate and has no regard for the happiness of its residents. They need to be fired if this place has any chance of success. The lady in charge is a liar and rude and her subordinates are incompetent. Oh and there are shootings on the regular right on Argyle despite a police presence.