Overview
Jones Lang LaSalle Americas (Illinois), L.P. (“JLL”) is pleased to present Two West, a rarely available opportunity to acquire a ultra-luxury Class AA 185-home community located in the heart of Chicago’s elite Gold Coast neighborhood. Originally built as condominiums, ownership acquired all remaining individually owned units and completed a section 15 deconversion of the property in 2022, making Two West 100% rental apartments for the first time ever. The property sets the standard for luxury, high-end living with breathtaking views, elegantly designed interiors, and a five star resort style collection of amenities. Two West offers a variety of spacious layouts from one-bedroom to five-bedroom homes with an impressive average unit size of 1,566 sf. The property presents investors with an attractive value-add opportunity to upgrade interiors to modern finishes on approximately 70% of the units. The property has been institutionally maintained evidenced by ownership investing over $14.5 million on unit renovation upgrades and common area improvements.
Set in the prestigious Gold Coast neighborhood, residents are offered unparalleled access to Chicago’s top amenities with fine dining, upscale and convenience shopping, all situated minutes away on the highly sought after Oak Street, Rush Street, State Street, and Michigan Avenue corridors.
This unbeatable opportunity is available free and clear.
Investment Highlights
Trophy Asset In Chicago’s Lavish Gold Coast Neighborhood
- Breathtaking views of the Chicago skyline and Lake Michigan
- Excellent floor plan options spanning 1-bedroom to 5-bedrooms
- Massive Avg. unit size of 1,566 SF
- State-of-the-art interior design with attention to every detail & world class amenity package
- Sub-Zero, Wolf, and Viking Appliances, Marble Tile Backsplash, Quartz Countertops, Custom Wood Cabinetry
- ~$10M spent on interior renovations / ~$4.5M spent on redesign of lobby, corridors, and amenities
- Remaining interior unit value-add opportunity on ~70% of the units
Top Renter Profile
- Affluent Gold Coast neighborhood - Staggering Avg. Resident HHI of $484,000
- Diverse resident workforce spanning Finance/Medical/Technology Sectors
- Average age is 48 representing a mature and stable resident base
Irreplaceable Location
- 100 Walk Score | 87 Transit Score
- Next to high-end retail and award-winning restaurants on Michigan Avenue, Oak Street, Rush Street, State Street and Walton Street
- Walk-to-everything location including steps to CTA train/bus lines, Whole Foods and Potash Market, Walgreens, and Northwestern’s medical campus
- Minutes to Oak Street Beach, Lake Michigan & Washington Square Park
- Easy access to I-90 and Lake Shore Drive
Generational Opportunity
- Available at a discount to replacement cost
- Unmatched high barrier-to-entry address
- 100% market rate units with additional upside potential
- Supply pipelines will remain limited due to rising construction costs, changes to the Affordable Requirements Ordinance (ARO) and lack of available sites
Photo Gallery
