Chicago-based developer Murphy Real Estate Services has acquired 8000 N. Lincoln Avenue in Skokie, Illinois for $68 million. The 12-story development, designed by architect Lucien Lagrange, will feature 153 luxury rental residences, as well as retail and parking facilities, upon completion in late 2021 or early 2022.
“When considering the quality of design, finish detail and exceptional location, this is clearly a very unique development opportunity for both our firm and the village of Skokie. The advance of this project was only slowed by the need to secure efficient financing,” said John T. Murphy, chairman and CEO of Murphy Development Group. “With the support of Wintrust, our lender, and the village of Skokie, we were able to assemble the right team and financing necessary to move this great project forward.”
The pandemic was a factor in Murphy’s acquisition of the property, located at the corner of Lincoln Avenue and Oakton Street in downtown Skokie. With the COVID-19 crisis proving to be a challenge for developers and businesses across the country, Murphy remains optimistic about the demand for high-end suburban multifamily rentals, particularly as individuals and families begin fleeing from urban settings in the wake of the pandemic.
Murphy recently completed the $140 million redevelopment of the old Cook County Hospital Chicago’s Near West Side, opening as two hotels, office space and a food court. Other projects include The Paragon, a 500-unit apartment tower in the South Loop, and several hotel and resort projects throughout the Midwest.
