Overview
The Ivy at Piccadilly and The Ivy at Fairfax present a rare opportunity to acquire two recently renovated workforce housing communities totaling 167 units in the heart of Hyde Park, one of Chicago’s most iconic and highly desirable neighborhoods. Strategically positioned in an excellent microlocation, the properties offer unparalleled proximity to the University of Chicago, as well as convenient access to national retailers including Whole Foods, Target, and OrangeTheory Fitness.
Residents enjoy exceptional connectivity, with the Metra Electric Line providing a 15-minute commute to downtown Chicago, and Lake Shore Drive just minutes away, offering a quick 15-minute drive into the CBD. The location also provides access to 1.5 million jobs within a 30-minute drive, reinforcing Hyde Park’s appeal as a dynamic location for commuters..
With a Walk Score of 94 and Bike Score of 88, the properties deliver a highly walkable and bike-friendly lifestyle, surrounded by parks, lakefront trails, and neighborhood amenities. The Ivy at Piccadilly, originally constructed in 1920 as a historic hotel, and The Ivy at Fairfax, also built in 1920, have both undergone significant renovations, blending classic architectural character with modern finishes. Featuring larger floor plans that cater to the “missing middle” demographic, these communities provide attainable housing options without competing with top-of-market new construction.
Investment Highlights
Irreplaceable Location in Chicago’s Iconic Hyde Park Neighborhood
- Immediate access to national retailers including Whole Foods, Target, Walgreens, and Orangetheory
- 15-minute walk to Lake Michigan and Hyde Park lakefront
- Superior connectivity to 1.5M+ jobs within 30 minutes via Lake Shore Drive, Metra, CTA, and UChicago shuttle
Favorably Positioned to Attract Young Professional Tenant Base
- Half of tenants are aged 22-34 years old, and 25% are students, proving the assets cater towards tenants seeking large floor plans at an attractive rent without sacrificing proximity to nearby amenities and employment
- Unique position in the neighborhood as an attainable option for young professionals seeking updated units at a discount to new construction product with both Fairfax and Piccadilly 20% and 43% below other renovated product in the comp set respectively on a per sf basis
Flexible Offering: Add Scale or Buy Individually, with Assumable Debt (Fairfax only)
- Optionality to acquire individually or as portfolio
- Less than one block apart, this assets’ proximity drives operational efficiencies by enabling shared property management
- Assumable debt option on Ivy at Fairfax, at 4.3% interest rate with 5+ years term remaining
Access to Demand Hubs: Quantum Campus and University of Chicago
- 15-minute drive from the new Quantum Campus, positioning the assets near a growing hub for research, technology, and high-skilled employment
- 20-minute walk to the University of Chicago campus, a globally recognized institution and one of the area’s largest and most stable demand drivers
- Immediate proximity to Obama Presidential Center ($850M delivering in 2026), Jackson Park (550+ acres), and Griffin Museum of Science and Industry (1.4M visitors annually)
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