Harlington Realty bought a 94-unit Bucktown apartment complex, the first Chicago acquisition for the New York firm.
The $50.5 million deal for the year-old Centrum Bucktown complex gives the firm a toehold in the lucrative Chicago multifamily market, where rents have risen and vacancies shrunk despite thousands of new units having come online, according to Crain’s.
The complex, near the 606 trail at 1743 North Leavitt Street, was built by developers John McLinden and Arthur Slaven, both formerly of Centrum Partners until McLinden left to form Hubbard Street Group. The apartments are nearly fully occupied, and rents range from $1,807 for a studio to $4,178 for a three-bedroom unit, according to Crain’s. The property includes an Aldi grocery store.
Eastdil Secured brokered the deal.
Harlingtown owns apartment, office and retail properties in the New York area.
Hubbard Street and Centrum are involved in a number of projects together, including the Wicker Park Connection apartment complex near West Division Street and North Milwaukee Avenue that will soon house Chicago’s first location of java chain Philz Coffee.
They also teamed up to acquire and redevelop a 184,000-square-foot shopping center in suburban Oak Lawn, and were partners on the 46,000-square-foot headquarters of RXBar in River North, which they put on the market with a $30 million asking price this summer.
Hubbard Street is also building the 123-unit residential portion of the Field Lofts redevelopment at 4000 West Diversey Avenue. [Crain’s] — John O’Brien