News
MULTIFAMILY MONDAY; THE DEAL SHEET
July 23, 2012
| This is the tale of two residences, a ground-up luxury condo in Lincoln Park and an apartment rehab in Lakeview. What they have in common: an unprecedented emphasis on outdoor space. (Anyone who thinks this isn't the start of a romantic comedy hasn't been in the CRE business long enough.) | ||
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| Tandem Construction's Tony Andrews (above, on Friday) tells us his general contracting company was also the developer on the six condos at 1725 N Burling in Lincoln Park that replaced the old MB Pilgrim Baptist Church in '08. Tony says Tandem spent $250/SF on the construction and put in subzero fridges, Brazilian cherry wood, mosaic tiles—all the luxury fixings. The 2,700 SF units sold for about $820k/SF. The fifth-floor penthouse, including roof rights, sold for $2.25M, and the buyer poured another $500k—almost 25% of the purchase price—into that roof deck. | ||
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| Tandem is the general contractor on the in-process gut rehab of a six-unit apartment building in Lakeview (above). A local investor intended this for private use but went the rental way when the neighborhood rejected that idea, Tony says. The owner put a similar proportional value on the yard as Tandem had on its condos. Tony says that's what tenants want nowadays, whether ground-up or rehab, even for student housing. Now if someone would just invent outdoor air conditioning. | ||
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