Crain’s Chicago Real Estate Daily reported yesterday that Burnham Pointe, a 28-story, 298-unit South Loop apartment tower is for sale and is expected to fetch about $119 million. The building also has ground-level retail and restaurant space.
The $119M price translates to nearly $400,000 a unit and nearly $400 a square foot for apartments that average 1,010 square feet.
There’s been quite a bit of speculation about apartment buildings converting to condos in what some are describing as a looming glut of apartments. If a condo converter paid the price estimated in the Crain’s article, the units would need to resell for more than $500 a square foot for the conversion to make sense. Resales at comparable South Loop condos haven’t commanded anywhere near that price.
When we selected the best South Loop apartments, Burnham Pointe ranked in four of the eighteen categories: public transit access, walking distance to the Loop, apartment finishes and features and private outdoor space.