Rehab Management & Flip of an Investment Property: 1328 South Kolin Ave

PRG Management has recently completed a project for an investor to help acquire, manage, rehab, and flip an investment property at 1328 S Kolin in Chicago. This project was another opportunity to collaborate with Pearson Realty Group, who assisted in a profitable flip for the investor. PRG Management’s Investment Management Division handled the rest of the project scope from managing the tear-down and new construction with vendors to coordinating with the property’s former occupants. See below for before & after photos and details of the project. Details here for the Purchase Price and Sales Information for this property.

INVESTMENT Project Management

After the investor acquired the lender-owned property at 1328 S Kolin Ave, through the assistance of Pearson Realty Group, PRG Management was brought on board to manage the rehabilitation side of the project. The property was in significant disrepair and required a comprehensive plan to make it market-ready. PRG Management’s Rental and Investment Management teams handled the entire rehab process, from initial inspections to coordinating with vendors and ensuring that each phase of the project stayed on time and within budget. Our investment management team’s years of experience and local market knowledge made a significant difference in turning a distressed property into an appealing Chicago home.

Rehab DETAILS

PRG Management's experience in managing various Chicagoland rehab projects allowed us to easily oversee every detail of the 1328 S Kolin Ave project. From integral structural and Chicago code improvements to visually appealing aesthetic upgrades, we ensured that all work was performed to the highest standards using only highly vetted vendors. With our focus on project efficiency and maintaining clear communication with all parties, the investment property was successfully flipped, with an increased market value and profitability for the investor.

Take a look at some of the before and after photos of 1328 S Kolin Ave below

Tenant Management

An important aspect of the 1328 S Kolin project was communication with the current tenants who were occupying the property before the rehabilitation. This is a common occurrence in REO properties, such as bank-owned and lender-owned properties, which have typically defaulted on some sort of loan. PRG Management ensured that all tenant concerns were addressed and facilitated an amicable resolution to the situation. Finding a new space for the current tenants allowed us to complete construction and inspections with no delays and without conflict.

Thanks to Pearson Realty Group’s assistance with the purchase and sale of 1328 S Kolin and PRG Management’s property managers for their commitment to a high standard in project management and tenant care. By closely collaborating, this partnership between our two companies was able to meet the investor’s goals, ensuring the 1328 S Kolin flip was a profitable project.

If you’re an investor looking for guidance with taking your project from concept to completion, contact PRG Management’s Investment Management team today here or by filling out the form below. From vendor and tenant management to the nitty gritty details of rehabilitating a property, PRG Management is the go-to Chicagoland investment property expert.

Has Lincoln Yards Found New Potential Investors?

The state of Lincoln yards

The Lincoln Yards project is a major Chicago real estate development that planned to take over a former industrial site along the Chicago River on the city’s North Side. The project was announced in 2019 and its goal was to utilize 53 acres of industrial riverfront space to link several of Chicago's bustling neighborhoods, including Wicker Park and Lincoln Park. The vision for Lincoln Yards detailed a comprehensive mixed-use development with approximately 6,000 residential units and a variety of entertainment offerings.

The plans for Lincoln Yards include a variety of commercial, residential, and retail real estate developments. Starting with the residential property plans the designs included the construction of thousands of residential units, ranging from apartments to condominiums and townhouses. These living spaces would cater to a mix of demographics, offering a variety of sizes, styles, and amenities to accommodate different lifestyles. Additionally, some commercial properties were planned in Lincoln Yards, which would feature substantial office space and serve as a hub for businesses across various sectors. Finally, Lincoln Yards real estate development plans included ample public spaces which would include public green spaces, parks, and recreational areas all working towards promoting outdoor activity, relaxation, and community gathering.

With an estimated budget of $6 billion for the large property, the developer Sterling Bay has finished 1 building at the southern end of the massive site. Named ALLY and situated at 1229 W. Concord Place, the building focuses on accommodating the life-sciences industry, providing 285,000 square feet of area and rising 144 feet in height. Nevertheless, it has faced challenges in attracting occupants which was not the promising start Sterling Bay may have hoped for.

Lincoln Yards New Investment Opportunities?

However, in the past few years, several holds have been made on the large-scale project over concern about the infrastructural issues and potential problems with transportation. Previously in 2022, there was hope for construction to start but those developments never came to Lincoln Yards. It seemed Sterling Bay, the project's developers, were at a stand-still with city officials. However, in recent news, new investors have stepped forward to join the large-scale project potentially.

In March 2024, Representatives of the Kayne Anderson investment firm met with city planning officials and executives from Sterling Spring to discuss potentially revamping the Lincoln Yards real estate project. If the LA-based firm does choose to join the project, this could be a major update for the future of Lincoln Yards and may refresh the project’s original designs. Among the advisors for Kayne Anderson included Darren Sloniger, formerly associated with Marquette Companies who engaged in discussions to serve as the primary financial backer for the project potentially. Last year, Sloniger stepped down as the CEO of the Naperville-based developer Marquette. Over the years Marquette has developed hundreds of apartment projects in the Fulton market with Sloniger at its head.

With such powerful names in the world of investment and real estate in the talks to acquire Lincoln Yards, the project may finally have a chance to move forward. The future looks promising for this massive Chicago real estate development project, and the potential for its expansion seems to be imminent in the next few months. Lincoln Yards aims to create a vibrant, sustainable, and inclusive urban community that integrates residential, commercial, retail, and recreational elements. By repurposing underutilized industrial land, the project seeks to transform the area into a dynamic and thriving neighborhood that enhances the quality of life for residents and contributes to the economic vitality of Chicago, and hopefully, these new potential investors will help that happen.

If you are interested in this investment opportunity or are looking for some consultation on an existing property, our team of commercial real estate veterans are here for you! Contact us today with the form below to talk to a commercial real estate expert at PRG Management!

Upcoming 2024 Chicago Real Estate Developments

2024 Chicago Development Projects

Chicago’s real estate developments are rapidly expanding with some thrilling advancements. From combined commercial and residential property developments to new environmentally friendly apartment features, we have collected a few of the most exciting development projects to look for within the year. The following properties are revamping neighborhoods and adding to the architectural layout of the city, while also offering new opportunities to buyers/sellers.

CABRINI-GREEN DEVELOPMENT – CLYBOURN AND LARRABEE

The new chicago development of the Cabrini-Green apartment complex is projected to include 248 units available for rent. The development aims to provide affordable market rate apartments that serve as multifamily homes, and is currently in the planning stage of development. As of 12/27/23, initial details have been revealed, and the zoning application was filed by Chicago Housing Authority. This 2024 development is set to put an emphasis on accessibility by creating enjoyable housing for people with disabilities and will include many accessibility features.

Lincoln Square Apartments

The apartment plans for the 5035 N Lincoln Ave development are putting an emphasis on clean living, and will include bicycle spaces, electric vehicle chargers and a partial green roof. signaling a switch to green energy in the chicago-land area. The 2024 Chicago development will also feature five stories with 47 apartments. The current plans call for mixed commercial/live-in spaces, and will put a focus on having 15 affordable units . The NorthShore Development Group along with partner THNS LLC have recently requested a zoning change as of 12/8/23 signaling some potential changes to the property.

Clybourn Corridor

The new Chicago development of Clybourn Place shopping center includes a major redevelopment that includes a 520 feet apartment building. The apartment building is in the works of getting approved by the city, but would include 50-stories of residential housing. The plan would have 70,875 square feet of retail space and an enclosed and surface parking spaces. Additionally, the surrounding area of Lincoln park has been approved for towers as tall as 595 feet which shows promise for the Cybourn Place apartment development.

Thompson Center Google Renovations

The renovations of the famous Thompson Center in Chicago are in full swing before over 1,000 Google employees will join the building. Google previously announced in July 2022 that it would be taking over the Thompson Center, and now almost 2 years later renovations are in the works. On May 3rd, demolition of the exterior of the building started. The permits issued for the property allowed for metal and glass siding to be removed and will be replaced with a opaque glass exterior. Google has stated that the atrium will be left open to the public and the major company hopes to make it a midwest hub for Google once the construction is done.

400 Lake Shore Drive

Construction has began at 400 Lake Shore where a 2-tower residential development will be constructed. The first part of renovations will be a 72-story residential tower. The tower’s foundation of a concrete base was just poured earlier this month, and the tower is the tallest current tower under construction in all of chicago. The residential towers are set to house over 635 new apartments, and about 127 of those apartments are set to be affordable. Overall, the properties will provide hundreds will housing and are projected to be major real estate to look out for in 2024.

3951 North Wayne Avenue

Permits have officially been issued as of March 2024 for the new residential property in Lake View, Chicago. The new chicago real estate development has an official budget of over $9 million dollars, and will be four-stories high. Overall, there will be 31 units in the building and the apartment will offer a few different amenities including a deck and rooftop access. The general contractor for the project, Vivify Construction LLC, hopes to have a timely process, and the complex will hopefully be done in the next year.

Woodlawn Central Distict Renovations

The district of Woodlawn central is a 8 acre, 1 million square foot district that is being renovated to include a variety of housing, retail, commercial and corporate real estate developments. The large scale real estate development plans to prioritize development while trying to avoid displacement in the Woodlawn area. The property development also aims to be an equitable transit-oriented development, which would enhance the areas urban layout. The first phase of development and the development overall aims to be a new model for urban regeneration and is designed for and made by the Black community.

116 S.Paulina Mixed-Use Development

The Chicago Plan Commission approved the mixed-use development planned by the City Church Chicago. The sit is currently vacant, but the City Church has big plans for the space. The project is expected to be built in multiple phases. The first phase will build a 2 story building, which will include the Church’ s main worship space, retail spaces and a cafe. The second phase will expand the property to the north and will add young programming areas, business office spaces and conference rooms. Finally, the third phase will see the major real estate development of a 12-story residential tower, which would include 76 residential units.

If you are interested in any of these new investment opportunities or management opportunities within chicago real estate, our team at PRG management are here for you! Contact us today with the form below to talk to a management expert at Pearson Realty Group!

New East Side Chicago Developments │ New Lakeshore East Condos

New East Side Developments In Chicago’s Lakeshore East Neighborhood

To a surprising number of Chicago residents, it’s a shock to find out that the city technically has an East Side. New East Side Chicago developments have been popping up all over the Lakeshore East neighborhood, located just north of Grant Park in Chicago’s Loop and just south of River North.

The past decade has seen an abundance of new construction projects that have continued success even through the Covid-19 pandemic. Easily accessible public transportation, shopping & food, and plenty of amenities make the Lakeshore East area one of the superior neighborhoods in the city.

New East Side Chicago buildings such as the Cirrus, Aqua, Shoreham & Tides, and The Parkshore are prime examples of the type of luxury condos you can find in this part of the city. Not only do you have the wonderful amenities in and around the building, but the welcoming community these buildings tend to attract as well. Just check out this video from the 47-story tall Cirrus Condos building showcasing their beautifully constructed skyline architecture and the surrounding area packed with life:

Cirrus Condominiums in Chicago from Cirrus Condominiums Chicago on Vimeo.

As you can tell from the promotional video, the courtyard-style park in the middle of all these highrise condos, appropriately named Lakeshore East Park, is a giant draw for these condo buildings. With the New East Side in such a densely populated area coupled with it being a high traffic area for tourists as well means privacy or a simple quiet walk are more highly sought after. Perfect for these residents this courtyard is surrounded on all sides by the condo buildings that have walkways and sidewalks directly from your building to the park. While many buildings will have a garden roof deck, for many a real quasi “private” park on the ground cannot be beaten.

One of the biggest challenges with these buildings is an obvious one, managing them. From regular & emergency maintenance, to negotiating with vendors, to simply collecting payments and much more in between; a lot of logistics and work go into managing just one of these amazing condo buildings. PRG Management specializes in working with Homeowner Associations at these types of buildings and has built up a reputation of one of the most trusted Property Management companies in Chicago, a rare feat. From the NEw East Side to the South Side and even the surrounding suburbs, we have an extensive track record of successfully managing buildings and helping them stay profitable.

Take a look at what services our property management contacts offer on the PRG Management Services page and contact us today to request your free management proposal today!