Although Kenect Chicago is one of the newest apartment buildings to be developed in Chicago’s River West neighborhood, Akara Partners has just recently put the entire building up for sale.
First reported by Crain’s Chicago Business, the news of the building being put on the market isn't completely out-of-the-ordinary right now with investors paying steep prices for large multi-family buildings all over town, and especially around downtown. But also noted by Crain’s, Chicago’s supply of new construction apartments is continuing to swell and another 8,000 units are expected to be delivered between now and the end of 2018.
Located at 504 N. Green Street, Kenect Chicago officially made its debut last year and features 227 high-end apartment residences. The development cost of the building is reported to be around $72 million and Crain’s also noted the building is approximately 88% leased as of earlier this month. And with the average apartment for rent inside Kenect totaling 688 square feet and renting for $2,326 per month, investors would be paying right around $3.38 per foot.