Trending Multifamily News

Construction Tops Out at Pearl Fulton Market, a 32-Story Mixed-Use Tower in Fulton Market

Construction Tops Out at Pearl Fulton Market, a 32-Story Mixed-Use Tower in Fulton Market

Developer VISTA Property and its general contractor, Skender, recently topped out 370 N. Morgan Street, a new mixed-use multifamily rental tower in Chicago’s Fulton Market neighborhood. Designed by Antunovich Associates, the 32-story, 539,000-square-foot, Class A luxury building will feature sweeping skyline views and timeless modern architecture inspired by Mies van der Rohe.

 

The development will include 494 apartment units ranging from studios to two bedrooms, including 99 affordable units. Amenities will include a 30th-floor pool deck, yoga terrace, fire pits, and outdoor grill kitchens. Inside, residents will have access to a full-scale fitness center, co-working areas, a lounge, private event and dining rooms, a golf simulator, and additional common areas. A four-story podium will house approximately 190 parking spaces, and the property will include more than 4,500 square feet of ground-level retail space.

 

Located at the corner of Morgan Street and Kinzie Street, 370 N. Morgan is among the latest additions to Fulton Market’s continued growth.

 

“This 494-unit building marks an exciting milestone for our team—our third major ground-up development in Chicago and the first step in a 1,500-unit master plan that will transform this site over time,” said Ark Latt, Chief Development Officer of New York-based VISTA Property. “We’re thrilled to be a part of Fulton Market’s historic evolution.”

 

“We are grateful for the collaboration we’ve had with VISTA on their Chicago projects, and it’s clear that we have a partnership that works seamlessly,” said Lauren Bauer, Senior Project Manager, Team Leader at Skender. “This topping out is a celebration for our trade partners and project team, who work incredibly hard to deliver a quality building and keep the project on track. Thank you to everyone who has a hand in getting us to this point and beyond.”

 

The full project team includes VISTA Property (developer), Skender (general contractor), Antunovich Associates (architect) and Luxury Living (marketing/leasing).  

 

The building will be known as Pearl Fulton Market. Leasing for the project is expected to begin in January 2027.

 

“Pearl Fulton Market is one of the largest developments currently under construction in the city. With Chicago facing a shortage of new apartment inventory, combined with the building’s elegance, thoughtful design, prime location, and amenities, we anticipate strong interest in the apartments,” said Amy Galvin, CEO of Luxury Living. “First move-ins are anticipated in Spring 2027.”

 

For more information about the project, visit PearlFultonMarket.com.

Construction Tops Out at Pearl Fulton Market, a 32-Story Mixed-Use Tower in Fulton Market

Construction Tops Out at Pearl Fulton Market, a 32-Story Mixed-Use Tower in Fulton Market

Developer VISTA Property and its general contractor, Skender, recently topped out 370 N. Morgan Street, a new mixed-use multifamily rental tower in Chicago’s Fulton Market neighborhood. Designed by Antunovich Associates, the 32-story, 539,000-square-foot, Class A luxury building will feature sweeping skyline views and timeless modern architecture inspired by Mies van der Rohe.

 

The development will include 494 apartment units ranging from studios to two bedrooms, including 99 affordable units. Amenities will include a 30th-floor pool deck, yoga terrace, fire pits, and outdoor grill kitchens. Inside, residents will have access to a full-scale fitness center, co-working areas, a lounge, private event and dining rooms, a golf simulator, and additional common areas. A four-story podium will house approximately 190 parking spaces, and the property will include more than 4,500 square feet of ground-level retail space.

 

Located at the corner of Morgan Street and Kinzie Street, 370 N. Morgan is among the latest additions to Fulton Market’s continued growth.

 

“This 494-unit building marks an exciting milestone for our team—our third major ground-up development in Chicago and the first step in a 1,500-unit master plan that will transform this site over time,” said Ark Latt, Chief Development Officer of New York-based VISTA Property. “We’re thrilled to be a part of Fulton Market’s historic evolution.”

 

“We are grateful for the collaboration we’ve had with VISTA on their Chicago projects, and it’s clear that we have a partnership that works seamlessly,” said Lauren Bauer, Senior Project Manager, Team Leader at Skender. “This topping out is a celebration for our trade partners and project team, who work incredibly hard to deliver a quality building and keep the project on track. Thank you to everyone who has a hand in getting us to this point and beyond.”

 

The full project team includes VISTA Property (developer), Skender (general contractor), Antunovich Associates (architect) and Luxury Living (marketing/leasing).  

 

The building will be known as Pearl Fulton Market. Leasing for the project is expected to begin in January 2027.

 

“Pearl Fulton Market is one of the largest developments currently under construction in the city. With Chicago facing a shortage of new apartment inventory, combined with the building’s elegance, thoughtful design, prime location, and amenities, we anticipate strong interest in the apartments,” said Amy Galvin, CEO of Luxury Living. “First move-ins are anticipated in Spring 2027.”

 

For more information about the project, visit PearlFultonMarket.com.

Luxury Living’s Data Analysis Finds Chicago’s Average Class A Apartment Rent Exceeded $3,000 For The First Time in 2024

Luxury Living’s Data Analysis Finds Chicago’s Average Class A Apartment Rent Exceeded $3,000 For The First Time in 2024

Luxury Living, a multifamily developer and marketing and leasing company for luxury apartments, reports the average Class A apartment rent exceeded $3,000 for the first time in 2024, with average gross rents increasing by 2.8% compared to 2023. Luxury Living tracks leasing data on larger assets in Downtown Chicago’s Class A market built since 2016. This dataset currently includes 84 properties and over 27,500 total units—and counting.
 
“We closely track Chicago’s Class A market as these properties set the standard for the entire sector,” said Aaron Galvin, Founder of Luxury Living. “By analyzing leased rentals rather than available units, we gain insight into the true dynamics of Chicago's multifamily market.”
 
Key findings from downtown Chicago’s Class A multifamily market in 2024:
  • The average price per square foot (PPSF) increased by 2.1% to $3.94 in 2024, reflecting steady demand for rental units across Chicago’s core neighborhoods.
  • Total rental volume increased by 33 percent, rising from 10,600 rentals in 2023 to 14,084 in 2024—an addition of nearly 3,500 units.
  • Sixty-five percent of all rentals occurred between March and August.
 
"Seasonality is critical for multifamily operators to understand. We saw nearly two-thirds of all rentals occur during the prime leasing season from March to August. Optimizing lease expirations to align with this demand period significantly impacts occupancy rates and rental income," said Mark Ziemke, Director of Leasing Strategy at Luxury Living. “During the slower months of January and February, rents remain low, and concessions are still widely available. In the beginning of the year, renters can secure larger units at a lower effective cost—up to 16%+ below peak rates. This leads to increased absorption of larger one- and two-bedroom units, while demand for studios and convertibles slows.”
 
  • Studio and convertible rentals made up a larger share of total leases. These unit types saw a 3.3% increase in rents compared to 2023, with their share of total rentals rising from 27% to 30%.
  • One-bedroom rents rose 4.3% while two-bedroom rents increased by 3.4%.
  • Three-bedroom units experienced a 3.2% rent increase, reaching an average monthly rent $308 higher than the previous year.
  • The average apartment size increased slightly, from 777 square feet in 2023 to 781 square feet in 2024, with River North experiencing the most significant size increase (+3.3%).
  • Nearly all submarkets experienced rent growth, ranging from a two percent increase in West Loop/Fulton Market to a five percent increase in River North, the highest in the city.
  • The Loop/Lakeshore East submarket was the only area to experience negative rent growth despite a 10% surge in total rental activity. 
 
How does Chicago compare nationally?
“While many markets across the country are seeing rent decreases, Chicago’s multifamily market grew in 2024, with rising rents and high demand,” said Galvin. “Without substantial new deliveries in 2025 and 2026, we anticipate a tight market with continued rent growth and minimal concessions. For the last ten years, downtown Chicago has added an average of 3,500 units per year. Over the next two years, we will see less than 1,000 total units delivered. This amount will result in the lowest new supply in decades with demand at an all time high. We expect rent prices to continue to increase substantially.”
 
For more in-depth insights, download the full report at multifamilyleasing.com/chicago-multifamily-market-update.
The Saint Grand, Streeterville’s Newest Mixed-Use Development Fully Stabilized with 45,000 SF Lease to Club Studio Fitness

The Saint Grand, Streeterville’s Newest Mixed-Use Development Fully Stabilized with 45,000 SF Lease to Club Studio Fitness

The Saint Grand, a co-development and joint venture between Mavrek, Double Eagle Development, Luxury Living, and GW Properties, is proud to announce that Club Studio Fitness has signed a lease for 45,000 square feet spanning the 1st, 4th, and 5th floors of the building at 535 N St. Clair. The development has also achieved a significant milestone, reaching 95% occupancy in residential rentals within six months of obtaining its final certificate of occupancy. Furthermore, the ownership group is pleased to announce that the entire ground-floor retail space is fully leased.

“The development team is thrilled with the addition of Club Studio Fitness,” said Adam Friedberg, CEO of Mavrek. “This deal fulfills our vision when the project was conceived. Our development team executed and delivered a premier product, and I couldn’t be prouder.”

Nick Roberts, Chief Real Estate Officer for Fitness International commented: “With a long-standing presence in Chicagoland spanning three decades, Fitness International is proud to introduce our latest concept Club Studio Fitness, to Streeterville and its neighboring communities”.

“The signing of Club Studio for the entire 4th and 5th floors reflects the strength of The Saint Grand's offering,” said Anthony Hrusovsky, Chief Investment Officer at Mavrek. “We are thrilled to see the project reaching its full potential.”

Adam Pines and Matt Pistorio of Madison Rose represented Mavrek, while Robert Sevim andCullen Hurley of Savills, along with Ted Slaughter and John Kalamaras of Real Source, represented Club Studio Fitness in securing this flagship deal.

The Saint Grand’s ground-level retail tenants include a dynamic mix, including Wintrust Bank, Tropical Smoothie Café, and an exciting new food and beverage concept debuting in Chicago.

Bart Johnson, President of Wintrust Bank, N.A., stated “We are excited to be expanding the Wintrust footprint in Chicago’s vibrant Streeterville community and in The Saint Grand. This new branch location will help Wintrust better serve the neighborhood and our clients”.

Retail leasing efforts were led by Elan Rasansky and Anthony Campagni on behalf of the development team.

The Saint Grand’s residential rental offerings feature a variety of floorplans, including studios to two-bedroom + den layouts, emphasizing in-unit workspaces and private outdoor spaces tailored to post-pandemic renter preferences. A suite of community amenities includes a state-of-the-art fitness center, co-working spaces with ten private study/work rooms, upscale lounges, and a rooftop pool deck. 

“Now that The Saint Grand is fully stabilized, we are committed to providing the best living experience for our residents,” said Aaron Galvin, Founder of Luxury Living. “With the addition of Club Studio Fitness, Wintrust, and Tropical Smoothie, we continue to build upon the foundation of a true mixed-use development in the heart of one of downtown Chicago’s most prestigious neighborhoods.”

The Saint Grand is a testament to collaboration among industry leaders, including NORR (architecture), Lendlease (construction), Harken Interiors (interior design), and Cushman & Wakefield, which oversees residential and commercial property management.

Learn more about the apartments at LiveSaintGrand.com.

The Saint Grand, Streeterville’s Newest Mixed-Use Development, Achieves 75% Leased Milestone

The Saint Grand, Streeterville’s Newest Mixed-Use Development, Achieves 75% Leased Milestone

The Saint Grand, a co-development and joint venture between Mavrek, Double Eagle Development, Luxury Living, and GW Properties, announces seventy-five percent of its 248 Class A luxury apartments have been leased. The mixed-use development also includes 45,000 square feet of offices at 535 N. St Clair, and 8,000 square feet of street-level retail at the corner of Grand Avenue and N. St. Clair. The development team also celebrated the building’s grand opening in late July.
 
“Since welcoming initial residents in early April, we are thrilled to achieve the 75% leased milestone and look forward to stabilizing The Saint Grand in the coming months,” said Aaron Galvin, Founder of Luxury Living. “Residents are drawn to the floorplans, amenity offerings, and location, and we’re achieving rents higher than originally projected.”
 
The Saint Grand’s apartments feature a mix of floorplans ranging from studios to 2 Bedrooms + Dens, emphasizing in-unit workspaces and private outdoor space to accommodate post-pandemic renter preferences. A suite of community amenities includes a state-of-the-art fitness center, co-working spaces with ten private study/work rooms, upscale lounges, and a rooftop pool deck. 
 
The Saint Grand's street-level retail will feature a state-of-the-art Starbucks on the corner of Grand and Saint Clair. Additional retailers will be announced in the coming months.
 
The Offices at The Saint Grand encompass 45,000 square feet of flagship Class A office space located at 535 N. St Clair. The two full floors of office space also include private outdoor space, modern ventilation systems, and other intentional post-pandemic health safety elements.
 
“Since finishing construction, interest in The Offices at The Saint Grand has been strong," commented Anthony Hrusovsky, Chief Investment Officer at Mavrek. “With Starbucks on the ground floor and the apartments nearly full, we have seen a wide variety of office users. We are confident this offering will be leased soon.” 
 
Double Eagle President Andrew Juiris added, “Our recent grand opening celebrated nearly two years of work and dedication from thousands of people from the development to construction teams.” 
 
Along with the development team, The Saint Grand is the result of collaboration among industry leaders NORR (architecture), Lendlease (construction), Harken Interiors (interior design), and Cushman and Wakefield, who is overseeing residential and commercial property management.
 
Learn more about the apartments at LiveSaintGrand.com.
 
Inquire about the Offices at The Saint Grand at WorkSaintGrand.com.
The Saint Grand Welcomes First Residents

The Saint Grand Welcomes First Residents

 
Mixed-Use Class A Multifamily/Office/Retail Development Receives Warm Welcome in Streeterville 
 
The Saint Grand, a co-development and joint venture between Mavrek Development, Double Eagle Development, Luxury Living, and GW Properties, began welcoming its first residents last month. The mixed-use development is located in the heart of Chicago’s Streeterville neighborhood. The Saint Grand includes 248 Class A luxury apartments at 218 E. Grand Ave, 45,000 square feet of offices at 535 N. St Clair, and 8,000 square feet of street-level retail at the corner of Grand Avenue and N. St. Clair.
 
“The Saint Grand’s apartments fuse vibrant Chicago living into sophisticated design, seamlessly integrated with the thriving Streeterville community,” said Aaron Galvin, Founder of Luxury Living. “After the first few weeks of leasing, we are thrilled by the initial traction.”
 
The Saint Grand’s apartments feature a mix of floorplans ranging from studios to 2 Bedrooms + Dens, emphasizing in-unit workspaces and private outdoor space to accommodate post-pandemic renter preferences. A suite of community amenities includes a state-of-the-art fitness center, co-working spaces with ten private study/work rooms, upscale lounges, and a rooftop pool deck scheduled to open in May. 
 
“The Saint Grand offers highly requested amenities, including in-unit workspaces to accommodate work-from-home and private outdoor space,” said Galvin. Using real-time rental trends to inform this property's architecture, design, and operations has been incredibly helpful. Initial feedback is proving our development thesis resonates with renters.”
 
In addition to the multifamily offering, the property includes The Offices at The Saint Grand, 45,000 square feet of flagship Class A office space located at 535 N. St Clair. The two full floors of office space also include private outdoor space, modern ventilation systems, and other intentional post-pandemic health safety elements. Office tenants will benefit from accessing and enjoying the apartment amenities.
 
"As one of the most active development groups in Chicago, we’re thrilled with the market’s reaction to The Saint Grand,” remarked Adam Friedberg, CEO at Mavrek. “In the coming weeks, we will be unveiling a lineup of exciting retail tenants poised to elevate the neighborhood's vibrancy and enrich the experiences of both residents and office tenants.”
 
Double Eagle President Andrew Juiris added, “The Saint Grand is already exceeding expectations. We couldn’t be happier with the level of luxury and quality the property offers residents, shoppers, and employers.”
 
Along with the development team, The Saint Grand is the result of collaboration among industry leaders NORR (architecture), Lendlease (construction), Harken Interiors (interior design), and Cushman and Wakefield, who will oversee residential and commercial property management.
 
Learn more about the apartments at LiveSaintGrand.com.
 
Inquire about the Offices at The Saint Grand at WorkSaintGrand.com.
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