Chicago Sun-Times reports:
Behringer Harvard Multifamily REIT I, based outside of Dallas, said in a federal regulatory filing that it bought the 298-unit Burnham Pointe building at 730 S. Clark. The seller was a unit of Stark Investments, a hedge fund manager based in suburban Milwaukee.
Burnham Pointe opened in 2008 but was in financial trouble throughout its construction period. Its original developer, Terrapin Properties LLC, lost control of the project, and the building was switched from condominiums to rentals.
17 comments:
Would this mean that there's a chance the building might go back to being condos? I live about a block away and was interested in moving into a bigger unit before this went rental.
Well, I have it on good authority that it is going to be converted to Section 8 housing.
That's a pretty explosive statement. Mind giving more detail on who "you" are or what "good authority" means?
I think that is very likely that this building will be reconverted to condominium in a few years after the market heats up again. The layouts, finishes and amenities for this building all far exceed the standards for any rental building.
As for the commenter mentioning the possibility of Burnham Pointe going Section 8; That is ridiculous, go troll somewhere else.
I understand that Peter Holsten has connections with Behringer Harvard and would like to repeat the success that he's had with the Hillard Homes, FYI.
Sloopin, Why are you posting these troll comments? Reactionary racist twaddle is easy to come by these days... why do you you think your readers come here to partake?
This building is already being featured on FHA and Second 8 housing lists circulating in Bronzeville.
Seems like its only a matter of time before the South Loop becomes North Englewood.
Last year I backed out of a sale to purchase a 2BR 2BA at 1555 south wabash (after I realized that all the other buildings by New West resembled public housing shortly after being built).
Glad I did for a couple of reasons. (1) this building has only been open for one year and it already looks 20 years old (and not in a 'cool' 'hip' or 'retro' way); and (2) this building just made the FHA/HUD/Sec8 list. This place will be an absolute dump in 3 years.
It's tragic that so many new buildings in the neighborhood are so low end. Talk about a missed opportunity! I can already sense an increase in loitering, tagging, illegal parking, etc. once 1555 started closings. Sad.
As a neighbor of 1555 S Wabash, I have not noticed many people living there, but those I have seen seem quite yuppie-ish to me. Might want to get your "senses" adjusted!
Also, there is no such thing as a "FHA/HUD/Sec8 list." FHA is completely unrelated to section 8. Are you just ignorant or are you being purposefully disingenuous?
David, I don't know why you are calling concerned citizens "reactionaries." You and the NAACP are the real racists.
According to Tribune's "Breaking News" blog, a suspect in no less than three armed robberies was aressted by police last night outside of 'utopia/exposure/grand opening/now open.'. Take a good look at the mug shot at chicagotribune.com, make sure your kids don't "get in his way" next time he's selling dope in the Sloop (also busted with weed in his posession). Yet another stellar neighbor!
Have the tea partiers taken over the South Loop?
For any interested in any facts, and not troll nonsense, none of the buildings mentioned here are listed on the actual site that HUD's Section 8 page links to.
But I do get some laughs for the ridiculous comments posted here. Although why Sloopin' is letting the trolls through, is a mystery to me.
Julie
Julie
Perhaps one of you experts should check out what Behringer Harvard owns in their Multifamily REIT. Check out the REIT that cought the property.
You can see the properties here. Seems upscale to me
Also
another part of Behringer Harvard has an interest in Aqua. Is anyone going to seriously suggest that this is going to be Section 8? In a side note, Aqua is one of the best buildings to to up downtown in recent years.I really admire the architect, Jeanne Gang. She's done some incredible work.
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