Astor Realty Capital Reports 100% Sales at 1400 Monroe Condo Project in Chicago – 74% total returns on investmentJanuary, 25 2023
Astor Realty Capital is excited to announce that sales at its condo project, 1400 Monroe, have reached the 100% mark. This boutique 42-unit building, located in the city’s desirable West Loop neighborhood, has been a hit with buyers thanks to its thoughtfully designed units and prime location. With final distributions now made to investors, this successful project marks another win for Astor Realty Capital.
Astor teamed up with multigenerational real estate developer JK Equities to build a boutique 42-unit condo building called 1400 Monroe.
The market responded exceptionally well to the superior product in a desirable location. Sales of the units were stronger than originally projected, at an average gross price of $646 per square foot, as compared to our initial projection of $625 psf. With only 42 units available and demand outpacing supply, this boutique condo building sold out quickly thanks to its prime location and high-end design amenities like floor-to-ceiling windows and private balconies overlooking downtown Chicago’s skyline.
Overall returns generated from the project are 74% total over four years.
Despite unavoidable supply-chain and Covid-related delays to the hold period and an increase in the total cost of development, 1400 Monroe has proven to be a successful investment for Astor’s investment partners. We would like to thank our investors for their vote of confidence in Astor Realty Capital.
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