Parkline Chicago developer Moceri + Roszak has completed construction on the building’s 24 condominium residences and will now lease those units as ultra-luxury apartments to capitalize on the booming downtown apartment rental market. Named the “Penthouse Collection,” the 24 high-end apartments will offer renters three or four bedrooms, 3.5 baths, condo-level finishes, and an elevated service and amenity experience.
Located at 60 E. Randolph St. in Chicago’s Loop, one block from Millennium Park, the new-construction, 26-story Parkline Chicago features the 24 Penthouse Collection ultra-luxury apartments on floors 20-25, atop 189 luxury apartments and 6,400 square feet of ground-floor retail. Building construction was completed in April and the 189 apartments on floors 4-19 reached full lease-up in July.
According to RealPage, Inc., the Chicago metro area had its biggest quarter ever for apartment leasing, with more than 10,000 units rented in Q2 of 2021. According to the report, employment growth has accelerated, boosting apartment demand over the past few months and helping to spur household formation and housing absorption. The employment counts in high-paying job sectors across many metros are nearing or exceeding pre-pandemic levels and, in turn, there is strong apartment demand among affluent renters who can afford the new luxury properties.
“When you look at the data on the recent lease-ups in the Chicago area and the tremendous success we’ve had leasing our existing apartments at Parkline since we started in February 2021, it makes sense to shift our for-sale condos to ultra-luxury rentals,” said Thomas Roszak, FAIA, partner of Moceri + Roszak and founder and principal of Thomas Roszak Architecture, Parkline’s architect. “As the Penthouse Collection, the 24 upper-floor residences meet the strong and growing demand for rental apartments in the higher end of the market. We have also added an exclusive, premium service and amenity experience.”
Roszak added, “The valuation of the building simply has greater potential with the upper-level residences renting as penthouse apartments rather than being on the market as condos. The shift is a logical, calculated business decision. In fact, while in pre-marketing of the sale of the 189-unit apartment building, many prospects expressed interested in buying the entire building, including the 24 penthouse units.”