National Partnership Sells Luxury Chicago Rental Apartments for $140 Million
National Real Estate Advisors LLC and Integrated Investors 850 LLC announced today the sale of 850 Lake Shore Drive, a luxury 198-unit, rental apartment building, for $140 million. Located on the corner of Lake Shore Drive and Chestnut Street in Streeterville, the LEED® certified building formerly housed the historic 20-story Lake Shore Athletic Club, which the National-Integrated partnership redeveloped into luxury residences, many with views of Lake Michigan.
All the apartments feature hardwood flooring, stainless steel appliances, designer wood cabinetry, granite countertops, washer and dryers, and marble and porcelain baths. 850 Lake Shore Drive also offers an assortment of high-end amenities, including a 24-hour doorman; indoor swimming pool and whirlpool spa; 3,500-square-foot White Room lounge with seating areas, bar, billiards table and flat screen TVs; fitness center; dog run; rooftop deck with gas grills; indoor parking; business center; and bicycle storage. In addition, the building provides direct access to Lake Shore Park, cultural attractions, and upscale shops and restaurants along Chicago’s Magnificent Mile.
Jeff Kanne, President and CEO of National, said: “The redevelopment and leasing for 850 Lake Shore met with outstanding success and on behalf of our client, the National Electrical Benefit Fund, we chose to sell the property in the wake of significant buyer demand for core apartment properties located in prime urban markets like Chicago.”
Matt Phillips, President of Integrated, said: “The team of professionals, contractors and dedicated staff provide high quality service at 850 and make it a very special project and place to live.”
The buyer was not disclosed. Alan Davis, Managing Director, David Nachison, Managing Director, Stephen Livaditis, Senior Managing Director and Kenneth Glomb, Director from Eastdil Secured brokered the transaction.
ABOUT NATIONAL REAL ESTATE ADVISORS
National Real Estate Advisors has $2.6 billion in net assets under management invested in commercial and multifamily real estate valued at $7.6 billion (as of 12/31/15).Through its open-end fund and separate account for pension fund clients, the company invests in major U.S. urban markets, using a build-to-core strategy in large-scale development and redevelopment projects. National builds investment portfolios of stabilized modern property assets—apartment, office, mixed-use, industrial, data centers and hotels—with design features, technological enhancements, and amenities that can drive high tenant demand and create value over time. Utilizing its wholly-owned affiliate, National Real Estate Development LLC, the company also directly develops major projects for client accounts and partners. The firm is a subsidiary of the National Electrical Benefit Fund. For more information visit, www.natadvisors.com.
ABOUT EASTDIL SECURED
Eastdil Secured, a subsidiary of Wells Fargo Bank (NYSE: WFC), is one of the most active investment property sales, debt placement and commercial mortgage sales firms in the United States and Europe. Eastdil Secured is also engaged in raising debt and equity in the public markets and raising private equity and entity recapitalizations through its broker dealer affiliate, Wells Fargo Securities. Since 2010, Eastdil Secured has completed transactions totaling over $1.1 trillion.
The firm has offices in New York, Los Angeles, London, Hong Kong, Washington D.C., San Francisco, Chicago, Dallas, Atlanta, Boston, Irvine and San Jose.