Cresset Partners Acquires 84-Unit Apartment Community in Chicago’s South Loop
CHICAGO (April 13, 2018) – Cresset Partners, the private investment affiliate of Cresset Wealth Advisors, today announced the acquisition of Wells Place, an 84-unit rental property in the heart of Chicago’s South Loop, located at 837 and 839 S. Wells Street.
The Wells Place acquisition is a part of Cresset’s unique strategy to bring private investment opportunities to its wealth management clients.
“We feel direct, private investments like Wells Place are important tools to provide differentiated access for our clients to help them achieve their financial goals,” said Avy Stein, Cresset co-founder.
“With growing demand for fee-efficient, direct investments with longer term investment horizons, Wells Place is a prime example of the types of opportunities we will be creating for our investors,” added Eric Becker, Cresset co-founder. “This property is also a great example of our commitment to invest alongside our clients in private opportunities.”
“This is a great opportunity for Cresset Wealth Advisors’ clients to invest in one of Chicago’s most sought-after neighborhoods,” said Mark Stern, managing director of real estate at Cresset Partners. “With an excellent location in the South Loop community, and the rapid influx of jobs adding to the neighborhood’s appeal, Wells Place’s location is ideal for a long-term, multi-family investment.”
The South Loop has emerged as one of the most popular neighborhoods in Chicago. It is near several transportation hubs and is walking distance from the Loop.
Wells Place is located on prestigious Wells Street, one of the major north/south thoroughfares in the city. It benefits from close proximity to some of the top cultural and recreational attractions in the city, including being walking distance to The Field Museum, Adler Planetarium, Shedd Aquarium, The Art Institute of Chicago, Grant Park, Millennium Park, Maggie Daley Park and Soldier Field.
The property includes a mix of one and two-bedroom floor plans and one-to-one parking in an attached, heated garage. All units feature 10-foot ceilings, bamboo hardwood flooring throughout all bedrooms and living areas, and modern kitchens with solid wood cabinetry, granite countertops and stainless-steel appliances. In addition, each apartment includes spacious closets, in-unit washer/dryer and a private patio or balcony.
“We also look forward to converting the two ground-floor retail spaces into a fitness center for our residents,” Stern said.
Wells Place marks Cresset’s first real estate acquisition and a validation of the firm’s innovative strategy of offering direct, private opportunities that were historically only available to institutional investors and through funds.
For more information on Cresset, call Mark Stern at 312-429-2411.