Quote of the day: ‘An apartment-flipper market’

CityFront Place, Chicago, photo from Crain's Chicago Real Estate Today“It’s almost like we went from a condo-flipper market to an apartment-flipper market.”

– Ron DeVries, vice-president at Appraisal Research Counselors, on Crescent Heights‘ attempt to sell the 39-story, 480-unit CityFront Place apartment high-rise in Streeterville for $100 million or more, just a year after it bought the building for $82 million. Such a deal would “offer further confirmation that the good times have returned for downtown apartment landlords, who may be able to hike rents as much as 10% this year, allowing them to demand a premium from investors eager to get back in the market,” Crain’s reports.

CityFront Place, 400 N McClurg Ct, is 98% occupied, and rents after concessions ranged from $1,095 for a studio to $2,285 for a two-bedroom unit in 3Q 2010, the article says. Effective rents at CityFront Place rose 5% to 6% over the past year.

Check out our guide to renting a home or apartment in Streeterville for more on Cityfront Place and other Streeterville apartment towers. To learn more about CityFront Place from tenants’ perspectives, visit ApartmentRatings or Yelp.

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