This morning Joe and I made Yo’s first visit to AMLI 900, a rental high-rise at 900 S Clark St in the South Loop. While checking out the building’s model units and amenities, we noticed AMLI is offering a home equity program that allows 20 percent of a tenant’s base rent to apply to a non-monetary credit towards the purchase price of a new home through a participating local homebuilder.
This credit may not exceed 2 percent of the purchase price of the home and, to qualify, a renter must have lived at an AMLI community for at least six consecutive months. The credit grows as both the base rent and the number of consecutive months lived in an AMLI community increase.
The three Chicago area builders participating in the program are Pulte Homes, Ryland Homes, and Belgravia Group.
We checked out one-bedroom / one-bath and two-bedroom / two-bath model units and the fitness center, which was one of the largest we’ve seen yet in a new apartment building. We also visited the building’s 24th-floor rooftop deck.
Rents for studio and convertible units, which range from 497 to 636 square feet, vary from $1,073 to $1,651 a month. One-bedrooms with 719 to 900 square feet are priced from $1,396 to $1,908. Two-bedroom / two-baths with 1,123 to 1,151 square feet are priced between $1,921 and $2,639. Three-bedroom / three-bath 1,385 square foot units rent for $2,327 to $3,107 a month.
According to AMLI Residential Marketing Director La Shawn Phillips, the development, which was completed last June, is approximately 60 percent occupied and 71 percent leased.
