JDL venture selling Lakeview luxury apartment building

James D. Letchinger and the building

A joint venture of JDL Development and Harlem Irving Companies is selling a 269-unit luxury apartment building in Lakeview, looking to cash in on investor interest in the Chicago rental market.

The two Chicago-based firms hired HFF to list the 15-story Halsted Flats building at 3740 North Halsted Street, according to Crain’s.

The asking price was unclear, but the the developers told the city in 2012 it would cost $73.4 million to build. They bought the land for $5.5 million and took out a $58.5 million construction loan for the project, according to Cook County records.

The apartments are 94 percent leased, according to an HFF marketing flyer.

The property also includes 11,000 square feet of ground-floor retail fully leased to PetSmart, Orangetheory Fitness and Salon Sen, according to the flyer.

JDL earlier this year listed its 23-story apartment building at 640 North Wells Street in River North for more than $130 million. In March it listed its 29-story apartment building at 1000 South Clark Street, but took it off the market after being unable to get the $180 million it was seeking.

In August, the top-10 multifamily sales saw some 700 rental units trade for $300 million across Chicago

Occupancy rates in Chicago-area apartments are essentially holding steady despite accelerating construction, a potential sign the city will avoid slowing rent growth happening on both coasts.

While it looks to cash out of some of its multifamily projects, JDL is also cashing in on its No. 9 Walton luxury condo tower in the Gold Coast, which has dominated the list of most expensive residential sales in the last year. [Crain’s] — John O’Brien

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