1000 SOUTH CLARK
RL Accelerated lead the lease-up at 1000 South Clark, which is a 469 unit building in the South Loop.
The property has over 43,000 square feet of amenity space ranging from a rooftop deck with breathtaking Lake views, a racquetball and basketball court, a 10,000 square foot health club, an indoor/outdoor pool, a 25,000 square foot terrace equipped with outdoor TVs and grills, and much more.
The property opened up for occupancy in February of 2016 and RL lead the building to stabilization by January of 2017.
ENGAGEMENT DATE: November 2015
COMPLETED: January 2018
Higher Rents: Achieved rents 9% over projected proforma.
Faster Lease-Up: The lease up was completed in 11.5 months, adding an additional 3 months of rental revenue over industry standard.
Reduced Broker Commissions: Reduced outside broker involvement to 24% (as compared to 50%+ industry standard).
Fewer Concessions: Our expert leasing team provided ongoing strategies designed to maximize unit pricing, minimize rental concessions, and improve
overall NOI while implementing marketing strategies to bring more qualified traffic and lease apartments faster than the competition.
1000 SOUTH CLARK IN THE NEWS
Crain's - Developers score big payout in South Loop apartment deal
"The building is about 75 percent leased, he said. JDL and iStar originally forecast
it would take 16 months to lease it up, but they now expect that to happen in 11 months.
The deal illustrates how the downtown apartment boom continues to reward developers, whether they
sell their buildings for a hefty profit or, like JDL and iStar, pull money out with big cash-out loans.
Chicago-based JDL and iStar, a New York-based real estate investment firm,
financed the South Loop project in 2014 "