A substantial portion of the Terrazio condo building has been put up for sale, according to a recent report from Crain’s Chicago Business. The lender that seized the failed condo development is now looking to sell 165 units inside the building that are currently being rented.
Terrazio was one of many condo projects that was hit hard by the housing crash, but has since been able to recover somewhat by taking advantage of Chicago’s red hot rental market. Now, the lender controlling the building is hoping to find an investor willing to buy up the bank-owned units and convert them all into apartments.
As noted by Crain’s, Terrazio’s rental units were 95.9% leaded as of the third quarter of last year, which was data gathered by Chicago-based Appraisal Research Counselors. Current rental rates start around $1,545 per month for a one-bedroom, and go up to $2,975 for a three-bedroom, which is actually quite competitive given the state of Chicago’s very active rental market.