Local Deals: 120 * 90

1611 W. Division Street Begins Leasing October 1st

Wicker Park's first high-rise at 1611 W. Division Street may see its first tenants as early as October 1, 2013 when the lower level tier of apartments will be available for rent. The second tier of higher level apartments will become available for rent beginning October 15, 2013.

We took a tour of the property last week during a hosted preview and here's what you can expect. The finishes reflect expectations of the times; stainless steel appliances and Evoke flooring; a floor material that looks like hardwood but is a higher-end laminate. The interior feels more loft than high-rise. But these apartments are tiny and include no private outdoor space or parking. Only 9 outdoor parking spaces will be made available for these 99 units and those will be rented on a first-come, first-served basis. The 9 outdoor rental spaces will cost you an additional $195/month.

The building states they are 'pet-friendly' with a 2 pet per residence limit. However they're not very friendly towards: pit bulls, rottweilers, dobermans or german shepards which are not allowed. A private fitness center and rooftop deck equipped with bbq grills, chaise lounges and a dining area are on site. Intelligentsia and PNC Bank will be assuming the ground floor commercial space with Intelligentsia scheduled to open late October.

Here is what was surprising to us: the rental prices. The rental prices are much higher than originally anticipated. Per initial presentations by the developer, original rental pricing ranged from $995 - $2600/month.

Today's pricing is much higher. A studio (starting at 507 sq ft) is going to cost you $1,495- $1,975. One bedrooms (starting at 723 sq ft) range from $1,795- $2,175 and 2 bedroom rents $2,050 - $3,295.

It will be interesting to see how quickly 1611 W. Division Street rents at these prices; especially since you can buy real estate in the neighborhood for less.

 

Studio Photos via Trulia

 

Published by Wicker Park, Bucktown Real Estate Contributor Thyra DeCicco. IL Broker @properties.

 

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