An apartment tower in Chicago’s Lakeshore East neighborhood is up for sale. The Shoreham is one of just a handful of large downtown apartment buildings to go on the market in recent months.
The on-going pandemic has been tough for investors, as downtown rents and occupancies took a dive last year. Some are predicting the market will warm back up again this year, and perhaps the “for sale” sign on The Shoreham is an indicator the owner believes investors are ready.
The Shoreham is currently more than 93-percent occupied, which is relatively high compared to the rest of the market. Figures show at the end of 2020 the downtown occupancy rate had fallen to less than 87-percent.
According to marketing materials, average rent in The Shoreham tower is $1,930 per month. That puts it below the rate of some competing buildings.
The Shoreham was completed in 2005. It sits close to the 101-story St Regis Chicago Condo Residences.