This apartment investment is located at the northeast corner of Morse Avenue and Glenwood Avenue in the East Rogers Park neighborhood on the north side of Chicago. The property consists of two, 55-unit apartment buildings located at 1340 West Morse Avenue and 1345 West Lunt Avenue. The buildings are on contiguous parcels with a shared parking lot.
The property underwent a renovation in 2008/2009 which transformed the buildings and grounds from common housing stock to a trendsetting addition to the neighborhood. Exterior improvements were made to the roofs, masonry, windows,facades, and grounds, including the addition of a communal patio with BBQ grills, outdoor seating, and a fenced dog run. Interior improvements were made by redesigning the lobbies, hallways, and adding a fitness center and laundry rooms. Renovations of the apartments included new flooring, cabinetry,counter tops, and appliances in the kitchens and all new quartz bathrooms.
The property's convenient location is a benefit to the residents and the owner. Located just steps from the main entrance is the CTA Red Line train station at Morse, a CTA bus stop, and a Divvy Bike station. The lakefront park system, public beaches, and Lake Michigan are just 2 blocks east. With a "Very Walkable" Walk Score of 89, an "Excellent Transit" Transit Score of 74, and a "Very Bikeable" Bike Score of 81, the residents can enjoy the local arts, shopping, restaurants, and nightlife or commute to work just as easily.
A new investor has the opportunity to acquire a large-scale neighborhood apartment property that has been previously improved and re-positioned for the new era of rental tenancy. As Chicago's rental tenant base continues to be priced out of other north side neighborhoods closer to city center, Rogers Park has been visibly revitalized. The subject property and a new investor will be well positioned to take advantage of that momentum by providing an amenity-rich building, with modern design, in a convenient location.
