Industrial to Multi-Family Sale
2501 W. Armitage Avenue
Residential development | Logan Square
INDUSTRIAL BUILDING REPOSITIONED FOR MULTI-FAMILY DEVELOPMENT
NelsonHill was hired in 2013 by TDI, a high-end Art Storage Company to sell their 45,000 SF building at 2501 W. Armitage Avenue in Chicago.
NelsonHill was selected based on their sales track record in the immediate area and also their marketing platform for re-positioning properties better suited for change of use, from industrial to residential.
MULTI-FAMILY MARKETING CAMPAIGN
With the market turning in Logan Square and demand for infill residential projects rising, the NelsonHill (“NH”) team launched an aggressive marketing campaign targeting residential developers active in the market. Within 10-weeks, the NH team were able to secure 7 offers from qualified residential developers. The NH team advised ownership on each buyer profile and conducted a “call for highest and best offers”. NH requested the highest price, the buyers track record, proof of financing, architect, zoning attorney and plan for the property.
After a stringent review of all the offers and developers, ownership selected Tandem Development who paid the asking price for the property.
Tandem maximized the site by constructing a LEED Certified building consisting of two 4-story buildings providing 78 units, 55 parking spaces and just less than 6,500 square feet of retail along Armitage Avenue. A large central courtyard with two outdoor kitchens connects the two buildings. Amenities include a fitness center, community rooms, and spacious terraces for units on the second floor. The modern, exterior facade consists of fiber cement siding, corrugated metal, precast concrete panels and brick. The building’s northeast corner features a stunning glass curtain wall and ACM panels. Units are equipped with contemporary, high-gloss kitchen cabinets, full height back splashes, stainless steel appliances, and wood grain islands with solid surface Carrara marble counters. Bathrooms are finished with porcelain Statuary marble floors, hi-gloss cabinets, and paneled mosaic surrounds.
“I had the pleasure of working with Mark and Mike Nelson on the purchase of 2501 W Armitage in Logan Square. They went out of their way to make the process go smoothly and helped facilitate our conversations every step of the way. In the end the seller was an advocate for our company and his recommendation was instrumental in helping us secure another development project in River West that we’ll be starting this year. This couldn’t have happened without NelsonHill’s professionalism and effective communication. We look forward to continuing doing business together and would recommend them without reservation.”
DIMITRI NASSIS, DIRECTOR OF DEVELOPMENT, TANDEM