Hunt Investment Management and Savoy Development announced the start of construction on a six-story, 138-unit, Class A rental apartment complex at 2340 N. California Ave. in Chicago’s Logan Square neighborhood.
The property is near public transportation and features about 9,000 square feet of ground floor retail space, a 2,500-square-foot public park, a rooftop terrace as well as parking spaces for 44 cars and 138 bicycles.
The date of completion is scheduled for the fall of 2018 and the building will seek a LEED certification.
Hunt and Savoy will co-develop the project in joint venture with Principal Real Estate Investors. Construction financing is provided by Wintrust Commercial Real Estate. Studio Architects and Focus Construction are also involved with the project. Of the 138 market rate units, 20 will be designated for affordable housing.