Crescent Heights buys Streeterville apartments in Chicago
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Crescent Heights buys Streeterville apartments in Chicago

Source: costar.com

A recent article from TRD, CoStar reported that Miami-based developer Crescent Heights has made a significant investment in Chicago's Streeterville neighborhood by purchasing nearly 400- unit apartment tower from Invesco for $173 million.

😀 This time, Market Stadium explored and analyzed this location!

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Here’s Market Stadium Overall Opinion

🔥 Analyzed Location

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340 East North Water Street, Chicago, Illinois 60611, United States (Google Map)

🔥 Highlights

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Since this is an established area, there is little potential for growth. However, with new developments planned, it may be more likely to have potential. Check our Forecast Score here.
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Current Housing Value & Forecast & Walk Score
  • Avg. housing Value: $ 385k
  • Housing Value YoY growth (last 3-year): -8.65 YoY %
  • Housing Value YoY Forecast (Next 3-year): 3.55 YoY %
  • Housing Rent YoY Forecast (Next 3-year): 4.04 YoY %
  • A majority residence commutes by Walking
    • Walk Score is 93/100:: Daily errands do not require a car
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Population projection is attractive. (Check our data)
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Demand is Millennials (25 to 34) with a income of $100k+

Supply Trend seems to be Multifamily (400+units) with Studio, 1 or 2-bedroom unit type

(Check our data)

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For multifamily market,
  • Lower vacancy rate for Class C buildings (2.7%) compared to Class A buildings (5.65%). (Check our data)
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A big retail corridor (mainly restaurant business) contains the location. (Check our data)
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Many employment hub are located nearby the area and below shows the top3 industries within nearby employment hubs. (Check our data)
  • Professional, Scientific, and Technical Services: 18.66 %
  • Finance and Insurance: 12.23 %
  • Administrative and Support: 9.94 %
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Currently, low unemployment rate and it has a decreasing trend. (Check our data)
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Major University:
  • University of Illinois at Chicago (2 miles)
  • DePaul University (3 miles)
  • Illinois Institute of Technology (4 miles)
  • University of Chicago (7 miles)
  • Northwestern University (11 miles)
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Major Airport:
  • Chicago Midway International, Illinois (10 miles)
  • Chicago O'Hare International, Illinois (16 miles)

🔥 Opportunities

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Change in the direction of decreasing housing values from April, 2022. (Check our data)
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County-level homicide has increased. (Check our data)
Overview
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Address: 340 East North Water Street, Chicago, Illinois 60611, United States (Google Map)

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  • Score Overview
    • Currently, Tier 2 market - relatively more stable market
    • For the past 3-year growth, Tier 10 growth market - less growth market and housing value year-over-year growth for the past 3-year was -8.65 YoY%
    • For the next 3-year forecast, Tier 10 forecast - it is predicted that housing prices will increase by 3.55% annually for the next 3 years.
  • Market Stadium Overview: Already an established area but growing slowly. However, since new development is on its way, it could lead to a high potential to grow.
    • Avg. housing Value: $ 385k
    • Housing Value YoY growth (last 3-year): -8.65 YoY %
    • Housing Value YoY Forecast (Next 3-year): 3.55 YoY %
    • Housing Rent YoY Forecast (Next 3-year): 4.04 YoY %
    • A majority residence commutes by Walking
      • Walk Score is 93/100:: Daily errands do not require a car
  • Market Stadium Supply & Demand Factors:
    • A majority residence - Ages 25-34
    • Fast growing residence - Ages 55-59
    • Renter is dominant type
      • Under Renter, 50+ units apartment is currently dominant but 20-49 units had been growing for the last 3-year
    • 1-bed is dominant/ Studio had been growing for the past 3-year:
      • 1-bed Sales price per sqft: 705 PSF
      • 1-bed Rent price per sqft: 3.95 PSF (rent price: $3,035/ unit size: 1,005 sqft)
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Market Score Market Indicators (Current Market Score Indicators)

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The Current Market Score above is based on the latest specific market indicators that assess current market conditions.

👀 Let's explore the outstanding indicators that are considered for each score!!!

  • 🔥 Highlights
    • Currently, relatively higher scores in Walkability, GDP, GDP per Capita, Housing unit, Human Capital, H1b Attainment (international employee), Unemployment (higher scores, lower unemployment %) compared to other locations in the US
    • Housing value is not in the highest percentile in the US which represents more rooms to growth
  • 🔥 Opportunities
    • Current Supply is higher than the Demand, especially higher scores in median days on market
    • Lower safety score (higher severe crimes) which is one of the concerns in Chicago
    • Higher property tax % (lower score)
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Below is a Market indicator composed of Current Market Score. Explains why a location has a Tier 2 score and which indicators are stronger compared to other locations.
All scores are percentile scores (a scale of 1-100)

100 score = 1st ranked // 1 score = last ranked compared to all other locations in the US

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A percentile score for current market indicators is based on the latest available values.
  • For example, a percentile score for current home value is generated based on the latest available value, which is May 2023
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Market Score Market Indicators (Growth Market Score Indicators)

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The Growth Market Score above is based on the past 6-month to 3-year growth of specific market indicators that assess recent growth of a location.

👀 Let's explore the outstanding indicators that are considered for each score!!!

  • 🔥 Highlights
    • Relatively higher growth scores in housing unit, property view scores, educations, University R&D funding by county compared to other locations in the US
    • Violent crime decreased during (2019-2022) more compared to other locations in the US
  • 🔥 Opportunities
    • Median days on Market during (04/2020 - 04/2023) increased more than other locations in the US which generated higher supply
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Below is a Market indicator composed of Growth Market Score. Explains why a location has a Tier 10 score and which indicators are stronger compared to other locations.
All scores are percentile scores (a scale of 1-100)

100 score = 1st ranked // 1 score = last ranked compared to all other locations in the US

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A percentile score for growth market indicators is based on the growth of the actual value for the past 6 months to 3 years
  • For example, a percentile score for housing value growth is generated based on the year-over-year changes for the past 3 years, which is May 2020 - May 2023
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Market Stadium Major Stats:
  • Median Income: $104k
  • Median Income (Age 45-64): $200k+
  • Bachelor’s or above: 91.6%
  • Bachelor’s or above (Millennials): 99.1%
  • Six figure Earner %: 54.35%
  • Major University:
    • University of Illinois at Chicago (2 miles)
    • DePaul University (3 miles)
    • Illinois Institute of Technology (4 miles)
    • University of Chicago (7 miles)
    • Northwestern University (11 miles)
  • Major Airport:
    • Chicago Midway International, Illinois (10 miles)
    • Chicago O'Hare International, Illinois (16 miles)
  • Retail nearby: This location is located in Retail corridor, with plenty of Starbucks and major grocery stores: Jewel-Osco and Whole Foods.
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  • Commute (where to commute): Most residences commute to areas nearby Northwestern Univ. & Loyola University. A major job sectors in the employment hub (commuters’ destination) are university jobs and health care & social assistance
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  • Employment Hub Nearby Location: It is located in/nearby Employment Hub where there are many job industries in Health are and Social Assistance & Professional, Scientific, and Tech services
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  • Flood Risk: The location itself is safe in a flooded area, but there is a dangerous area nearby, so it is better to consider it.
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  • School District Score: It is located a bit far from the the good schools which are mostly on the north side of the location (red color school has better than orange and yellow)
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  • Transit: It is nearby Union/Streeterville Express line
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Key Factor Time Series:
  • Population Forecast
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  • Employment Forecast (# of employment)
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  • Housing Value
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  • Vacancy % (all housing type)
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  • Job Openings (total jobs) around Zipcode area that includes the site
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  • Job Openings % (Finance) around Zipcode area that includes the site : Jobs in the Finance sector shifted their direction to increase from Feb 2023, while overall job openings are still on the decline.
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  • Job Openings % (Life Science) around Zipcode area that includes the site : Jobs in the life sciences sector shifted their direction to increase from March 2023, while overall job openings are still on the decline.
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  • Unemployment Rate %
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  • Homicide by County-level (Number of deaths due to homicide per 100,000 population)
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  • Education % (Millennials): The percentage of millennials with a bachelor's degree or higher has generally increased since 2012
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Multifamily (all class level):
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Multifamily (Class A):
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Multifamily (Class C):
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