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Aqua at Lakeshore East 225 N Columbus Dr 474 Unit Apartment Building For Sale Chicago, IL 60601
INVESTMENT HIGHLIGHTS
- Landmark Jeanne Gang-designed tower in Lakeshore East
- 100% market-rate units with value-add upside
- 95% occupied with strong rent growth trends
- 110,000+ SF of unmatched indoor/outdoor amenities
- Steps from Millennium Park, Navy Pier, and Riverwalk
- Adjacent to 5+ acre private Lakeshore East Park
EXECUTIVE SUMMARY
Aqua at Lakeshore East represents a generational opportunity to acquire one of Chicago’s most iconic residential towers. Designed by Jeanne Gang and completed in 2009, this 474-unit Class A high-rise is a landmark within the city’s skyline, offering panoramic views of Lake Michigan and downtown from its signature curved balconies. Located in the heart of the prestigious Lakeshore East neighborhood, the property is steps from Millennium Park, Navy Pier, the Riverwalk, and the new Google HQ development.
The building features over 110,000 square feet of hotel-quality amenities, including an 80,000 SF outdoor deck with a lap pool, running track, and fire pits, as well as indoor offerings like a basketball court, media room, and spa facilities. Residents also benefit from access to select Radisson Blu hotel amenities, further elevating the luxury experience.
With all units in classic condition, Aqua presents a compelling value-add opportunity through interior renovations such as quartz countertops, modern cabinetry, and upgraded lighting. The unit mix includes studios, convertibles, one- and two-bedroom layouts, with an average size of 758 SF. The property also includes ~56,000 SF of commercial space and a 974-space parking garage.
Aqua’s fundamentals are strong: 95% occupancy, 4.8%+ rent growth on new leases, and a low rent-to-income ratio of 16%. With minimal new supply in the downtown pipeline and high barriers to entry, this asset is well-positioned for continued rent growth and long-term appreciation.
The building features over 110,000 square feet of hotel-quality amenities, including an 80,000 SF outdoor deck with a lap pool, running track, and fire pits, as well as indoor offerings like a basketball court, media room, and spa facilities. Residents also benefit from access to select Radisson Blu hotel amenities, further elevating the luxury experience.
With all units in classic condition, Aqua presents a compelling value-add opportunity through interior renovations such as quartz countertops, modern cabinetry, and upgraded lighting. The unit mix includes studios, convertibles, one- and two-bedroom layouts, with an average size of 758 SF. The property also includes ~56,000 SF of commercial space and a 974-space parking garage.
Aqua’s fundamentals are strong: 95% occupancy, 4.8%+ rent growth on new leases, and a low rent-to-income ratio of 16%. With minimal new supply in the downtown pipeline and high barriers to entry, this asset is well-positioned for continued rent growth and long-term appreciation.
PROPERTY FACTS
| Sale Type | Investment | Building Size | 359,462 SF |
| No. Units | 474 | Average Occupancy | 95% |
| Property Type | Multifamily | No. Stories | 82 |
| Property Subtype | Apartment | Year Built | 2008 |
| Apartment Style | Hi-Rise | Parking Ratio | 2.05/1,000 SF |
| Building Class | A | No. Drive In / Grade-Level Doors | 1 |
| Lot Size | 3.76 AC | ||
| Zoning | PD 70 | ||
| Sale Type | Investment |
| No. Units | 474 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Hi-Rise |
| Building Class | A |
| Lot Size | 3.76 AC |
| Building Size | 359,462 SF |
| Average Occupancy | 95% |
| No. Stories | 82 |
| Year Built | 2008 |
| Parking Ratio | 2.05/1,000 SF |
| No. Drive In / Grade-Level Doors | 1 |
| Zoning | PD 70 |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Balcony
- Cable Ready
- Dishwasher
- Microwave
- Washer/Dryer
- Heating
- Tile Floors
- Double Vanities
- Kitchen
- High Speed Internet Access
- Refrigerator
- Range
- Walk-In Closets
- Carpet
- Dining Room
- Island Kitchen
- Wheelchair Accessible (Rooms)
- Window Coverings
SITE AMENITIES
- Business Center
- Controlled Access
- Clubhouse
- Fitness Center
- Laundry Facilities
- Picnic Area
- Playground
- Pool
- Property Manager on Site
- Sauna
- Spa
- Gated
- Basketball Court
- Doorman
- Grill
- Guest Apartment
- Media Center/Movie Theatre
- Package Service
- Wi-Fi
- Storage Space
- Car Charging Station
- Elevator
- Health Club Discount
- Lounge
- Maintenance on site
- Sundeck
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 142 | - | 564 - 681 |
| 1+1 | 182 | - | 734 - 854 |
| 2+1 | 95 | - | 1,119 |
| 2+2 | 55 | - | 1,080 - 1,160 |
Walk Score®
Walker's Paradise (99)
Transit Score®
Rider's Paradise (100)
Bike Score®
Very Bikeable (83)
PROPERTY TAXES
| Parcel Number | 17-10-318-068-0000 | Improvements Assessment | $10,857,517 |
| Land Assessment | $2,798,195 | Total Assessment | $13,655,712 |
PROPERTY TAXES
Parcel Number
17-10-318-068-0000
Land Assessment
$2,798,195
Improvements Assessment
$10,857,517
Total Assessment
$13,655,712
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Aqua at Lakeshore East | 225 N Columbus Dr
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