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Shorewind Court & Towers
- Rare Opportunity to Acquire a Portfolio Offering Immediate Economies of Scale
- Desirable Submarket Offering Attractive Returns and Positioned for Appreciation and Rent Growth
- Well Maintained and Professionally Managed with Value-Add Potential
- Incredible Lake Michigan Views and Numerous Common Area Amenities
Interra Realty has been exclusively engaged to market Shorewind Towers and Shorewind Court for sale. Shorewind Towers is a 178 unit, 16-story high-rise multifamily building overlooking South Shore Golf Course and Lake Michigan. The property was designed by the famed architectural firm of Ryerson and Burnham and featured in the 2004 book, Chicago Apartments, A Century of Lakefront Luxury. Shorewind Court is a 60 unit, double courtyard multifamily building within a block of Shorewind Towers. Also included in the sale, is a gated parking lot, located at 2344 E. 70th Pl.
The properties offer a diverse mix of units ranging from studios to four bedroom / three bathroom layouts. Common area amenities include; fitness center, onsite laundry, on-site management office, package delivery system, bike storage, and business center. These best-in-class amenities offer a distinct competitive advantage to the majority of rental stock in the submarket
The properties have been well maintained and professionally managed, but present a value-add opportunity via modernization of common areas and unit finishes to achieve higher rent levels. Shorewind Towers recently received a new boiler at a $600,000 expense and Shorewind Court received a new boiler in 2014.
This offering provides the investment community the rare opportunity to acquire a portfolio offering immediate economies of scale in a Chicago submarket that offers higher returns than other urban and suburban locations, with location drivers that position it as a candidate to appreciate and experience future rent growth.