640 NORTH WELLS
RL Accelerated led the lease-up and marketing efforts for 640 North Wells, which is an ultra-luxury 250-unit development in River North.
The property possesses ample amenities including a Billiards Lounge, Restaurant Demonstration Kitchen, Club Lounge and Parlor, Golf Simulator, Rooftop Swimming Pool, Pro-Grade Fitness Center, and more.
The property opened for occupancy in July of 2017 and RL led the building to stabilization by May 31st, 2018.
ENGAGEMENT DATE: April 2017
COMPLETED: May 2018
Higher Comp Rents: Achieved average rents $0.43 psf higher on studios, convertibles and one bedrooms as compared to our closest comps.
Higher ProForma Rents: Achieved rents 9.7% higher than original pro-forma goals.
Faster Lease-Up: The lease up was completed in under 11 months, adding an additional 4 months of rental revenue over industry standard. As noted above, this was achieved while keeping our clients high per square foot rent goals at the forefront of our operation.
Reduced Broker Commissions: Reduced outside broker involvement to 18% (as compared to 50%+ industry standard).
Fewer Concessions: No concessions were offered during the initial lease-up period. Our expert team continued to keep abreast of competing lease-ups and offered strategies to maximize market rents while keeping both the pace of the lease-up and target psf rents in mind.
Higher Closing Ratio: RL Agents achieved a closing ratio of 60% - 2x the industry standard.
640 NORTH WELLS IN THE NEWS
"SixForty, 640 N Wells St, is a 23-story, 250-unit apartment tower in the River North neighborhood.
The development includes ground-level retail space. SixForty has been designed for LEED Silver certification and has a green roof and on-site storm water retention.
Construction began early in 2016. Pre-leasing for SixForty is underway, with first occupancies slated for July 1, 2017. RL Accelerated is assisting in the lease-up.