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Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
© 2025 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.
CONTACT Info
mortgage banking
investment highlights
566
AVG UNIT SIZE
256
UNITS
1950/1999
year built
overview
1
2
PETE EVANS
Senior Managing Director 847.226.0836 | pete.evans@berkadia.com
richard evans
Senior Director
773.991.3321 | richard.evans@berkadia.com
INVESTMENT SALES
LAKEVIEW DECONVERSION BACK TO APARTMENTS
Back to TOp
LAKEVIEW’S VIBRANT, HIGH-DEMAND LOCATION Transit-Centric with Exceptional Access, Visibility, Walkability, Bikeability
Wrigley Field + Chicago Cubs, Lake Michigan Beaches, Whole Foods, Trader Joe’s,
DePaul University, Employment / Daylife / Nightlife — from Lakeview to Lincoln Park to Chicago Metro World-Class Lakefront Lifestyle
Perfect Urban-Suburban Mix, Nestled in a Residential Nook
WALKABLES: Lake Michigan, Belmont Harbor + Dog Beach, Chicago’s Famed Lakefront Trail, Lincoln Park, Chicago Yacht Club, Starbucks, Belmont Harbor Market, Laugh Factory Comedy Club, Hero Coffee & Bagel Bar
EXCEPTIONAL FUNDAMENTALS + DEMOGRAPHICS FOR MARKET-RATE APARTMENTS: | LAKEVIEW Submarket | NORTH LAKEFRONT — LINCOLN PARK Cluster |
4.6% Rent Growth: 4.6x National Average — March 2025 ( 1/4-Mile Radius of the Property | YoY CoStar )
97.2% Occupancy | March 2025 | 95.8% Submarket Occupancy ( 1/2 Mile ) CURRENT OCCUPANCY RATE = A RECORD HIGH
97.3% Projected Average Occupancy | 2025 – 2029 ( 1/2 Mile )
25.2% Rent Wallet Share | 46.8% Home-Owning Wallet Share | #1 LOWEST RENT WALLET SHARE OF CHICAGO’S 25 MAJOR SUBMARKETS
33.5 Median Age | Most Desirable Cohort | 90.7% White Collar Workers ( 1 Mile; 1/2 Mile )
$160,032 Average Household Income | $583,094 Median Home Value ( 2 Miles )
10.4% Population Growth | 26.3% Household Growth | 2010 - 2020 ( 1/2 Mile )
Renters Stay Put Here: 6.5 Years | Average Length of Residency ( 1/2 Mile )
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125 South Wacker Drive, Suite 400
Chicago, IL 60606
Phone: 312.845.8500
Chicago Office
Austin Sacco
Managing Director 346.444.8997 | austin.sacco@berkadia.com
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Steven Muth
Managing Director 804.343.2161 | steven.muth@berkadia.com
Garrett Sacco
Senior Director 713.598.0909 | garrett.sacco@berkadia.com
REIMAGINE + REINVENT: TRANSFORM SENIOR TO MARKET-RATE APARTMENTS
REIMAGINE + REINVENT: TRANSFORMING SENIOR TO MARKET-RATE APARTMENTS
the market
“ LEANING INTO ITS DOMINANCE AS A LANDLORD’S MARKET ... ”
“ THIS SUBMARKET IS POSTING SOME OF THE TIGHTEST DEMAND FUNDAMENTALS ACROSS THE CHICAGO METRO AREA. SINCE 2021, ONLY A HANDFUL OF QUARTERS COMPLETED MORE UNITS THAN WERE ABSORBED, CAUSING OVERALL AND STABILIZED VACANCY TO CRATER TO RECORD-LOW DEPTHS. WITH LITTLE TO NO RESIDENTIAL UNITS CURRENTLY UNDERWAY, VACANCY RATES SHOULD COMPRESS FURTHER INTO (THE FUTURE). ”
:: COSTAR 2025 ::
Stellar Location | Steps to Lake Michigan + Belmont Harbor | Transit-Centric Abundant Amenity Space | Option to ADD Units | Execute Strategic Upgrades Lakeview Submarket: Record-High Occupancy, Extreme Supply / Demand Imbalance, High Barriers to Entry