Luxury Living Chicago Realty is pleased to announce exclusive leasing and marketing assignments Norweta, The Jax, Logan Apartments and Wolf Point West have reached leasing milestones and are all 95% leased.
“In January and February 2020, we leased 284 units, and the market was very strong. In January and February 2021, we leased 550 units - a 93% increase,” said Aaron Galvin, CEO and Founder of Luxury Living Chicago Realty. “This unseasonably high leasing velocity is a great start to a new year and helped us achieve numerous milestones at properties we are exclusively marketing and leasing.”
Norweta, developed by Boston-based Broder Development, features 40 luxury apartments and 32 condominium residences. The apartments are 100% leased, and Luxury Living Chicago Realty is the exclusive marketing, leasing and sales brokerage for both the rental apartments and for-sale condominiums.
“Throughout the pandemic, we’ve seen that renters will pay for the best of the best, and condo buyers are seeking more space and extraordinary finishes, and this has held true especially at Norweta,” said Galvin. “Norweta has raised the bar for rental residences in Chicago. Each apartment and condo features the highest level of finishes, expansive layouts and private outdoor space. The apartments and condos at Norweta live like a single-family home but enjoy the benefits of best-in-class on-site property management and thoughtful amenities.”
The Jax is a 166-unit apartment development in the West Loop, developed by LG Development. This luxury apartment building offers studio, one-bedroom and two-bedroom floor plans.
“The Jax fills a unique space in the West Loop and caters to the luxury renter that does not require every amenity, but wants quality finishes and well laid out floor plans paired with a prime location,” said Galvin. “Buildings like The Jax performed well during the pandemic for many reasons including already lower pricing in a competitive market and less emphasis on amenities. The property’s close proximity to the Illinois Medical District also helped as that area continues to thrive, even in the pandemic.”
Logan Apartments, located in Chicago’s Logan Square neighborhood, features 220 luxury apartment units ranging from studio to two-bedroom floor plans. The property also includes 62,000 sq. ft. of retail including the neighborhood's first Target, a welcome addition to the neighborhood. This mixed-use multifamily property was jointly developed by Fifield Companies and Terraco Real Estate.
“The leasing success at Logan Apartments is a great example of how Chicago’s luxury renter socio-economic composition has not changed from 2019 to 2020,” said Galvin. “For the most part, these are neighborhood renters who maintained employment through the pandemic, were able to work remotely, and are most likely to have increased compensation and disposable income as the economy recovers materially in 2022 onwards.”
Wolf Point West, located at 343 W. Wolf Point Plaza along the Chicago River, features 509-luxury apartment units and offers studio to two-bedroom penthouse floor plans. Wolf Point West delivered in 2016 and is owned and operated by Hines, Magellan Development, Wolf Point Owners LLC and the AFL-CIO Building Investment Trust. Wolf Point Owners LLC is a part of Park Holdings Group LLC which is the principal investment entity of the Kennedy Family.
“While our company is best known for luxury lease-ups, the pandemic brought on new opportunities to oversee marketing and leasing at previously stabilized properties,” said Galvin. “In addition to reaching 95% leased at Wolf Point West, we have also optimized the lease expiration schedule and positioned the property for ongoing success and future price increases.”
LLCR’s exclusive leasing portfolio consists of various types of Class A properties from the newest most upscale lease-ups to stabilized properties. LLCR oversees marketing and leasing for fifteen multifamily properties comprising nearly 3,800 apartments in downtown Chicago. The brokerage firm is also currently consulting for a number of developers for future skyline-changing ultra-luxury multifamily developments set to deliver in 2023-2025.