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The Habitat Company announces Hubbard Place's successful first year

The Habitat Company announces Hubbard Place’s successful first year

The Habitat Company, a leading property manager and developer, is proud to announce the one-year anniversary of Hubbard Place, and the tremendous success of the apartment community in the River North neighborhood of Chicago. In just one year, Hubbard Place achieved 95 percent occupancy, six months ahead of schedule, and exceeded pro-forma by 23 percent. Hubbard Place also forged partnerships with neighborhood merchants to create an impressive branded resident incentive program. Lastly, the success of Hubbard Place has been recognized throughout the property management industry with multiple awards, and a 4.5 (of 5) star rating on Yelp.

Residents began moving into the 450-unit, 43-story glass tower apartment community in October 2013. Seventy leases had been signed at the time - when the Chicago rental market was extremely competitive, with 2,086 apartments added to the market. The opening also took place during a non-peak leasing season when competitors were offering significant rental incentives, such as up to two months free rent. The financial impact of the accelerated lease up and careful monitoring of expenses at Hubbard Place was significant. As of September 2014, the net operating income had a positive variance of 260 percent.

Last fall, Habitat created a resident incentive program called HubStops. Through the program, the Hubbard Place team established strong connections with more than 25 River North businesses and merchants, offering discounts and incentives to residents. The Habitat Company also offered resident incentives with partners like the East Bank Club (EBC), and employees of Motorola Mobility and Google. For example, Hubbard Place residents will have their $500 EBC initiation fee waived, or receive a $500 gift card.

"At The Habitat Company, our focus is on creating the most appealing, comfortable and convenient living experience for residents," said Sheila Byrne, Executive Vice President of Property Management. "We attribute much of the success of Hubbard Place to our exceptional and professional staff who, through attention to detail and going the extra mile for residents, have made Hubbard Place the premier luxury apartment community in Chicago."

Throughout the development of Hubbard Place and today, resident preferences are a priority. Hubbard Place was designed to be LEED Silver, with an emphasis on providing open spaces for both the residents and larger community to enjoy. The apartment community offers 12 different floor plans, which include designer kitchens, generous walk-through closets, solar shades, full-sized washers and dryers, a 29,000-square foot amenity level, complete with a rooftop sundeck, fire pit, outdoor kitchen, entertainment space, pool, etc. The Habitat Company also installed a distributed antenna system (DAS) throughout Hubbard Place in order to enhance cell phone reception for residents.

The thoughtful design choices at Hubbard Place have received award recognition. The Friends of Downtown's Best of Downtown Awards presented Hubbard Place with the "Best New Building" award, and the National Association of Home Builders recognized Hubbard Place with the "Best Overall Leasing or Sales Campaign for a Multifamily Community" award.

Hubbard Place was developed in a joint venture between The Habitat Company and Bentall Kennedy, a large real estate investment advisor.


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The Habitat Company Starts Construction of 450-unit luxury high rise in Chicago

CHICAGO (January 12, 2012) - The Habitat Company announced the start of construction of a 43-story, 450-unit luxury high rise in Chicago in a joint venture with Multi-Employer Property Trust (MEPT) and a major institutional investor. This luxury multifamily community will be located at 360 W. Hubbard Street in Chicago's vibrant River North neighborhood, across the street from the iconic East Bank Club. This latest project adds to the more than 17,000 residential units developed by The Habitat Company in its 40 year history. Bentall Kennedy, one of the largest North American real estate advisors, represents its clients, an institutional investor and MEPT, a $5.4 billion real estate equity fund, in the transaction. "We are pleased to begin our latest project which builds on our forty years of experience and understanding of the market to create what we believe will be our finest apartment development," said Daniel Levin, Founder and Chairman of The Habitat Company. The rental residences will be smoke-free and will include top-of-the-market finishes, amenities, and services, including 29,000 square feet of indoor and outdoor amenity space to accommodate year round activities. The development will be seeking LEED Silver certification under the Leadership in Energy and Environmental Design (LEED) system of the U.S. Green Building Council. The project's architect is Solomon, Cordwell, Buenz & Associates which has designed many distinctive residential buildings around Chicago, including The Habitat Company's Kingsbury Plaza development located across the street. The general contractor for the development is James McHugh Construction Company which has built some of the most recognized properties in the Chicago skyline, including many of The Habitat Company's prior projects. "For The Habitat Company, there are many exciting aspects to this development, not the least of which is our partnership with Bentall Kennedy, one of the most respected North American institutional real estate advisors, a major institutional investor and MEPT," said Matt Fiascone, Senior VP of Finance and Investment for The Habitat Company. Upon its completion in late 2013, the development will be managed by The Habitat Company. The Habitat Company currently manages for its own account and for third parties over $2 billion of assets comprised of more than 20,000 residential units of market rate, affordable, condominium, student and public housing units in Illinois and four other states. When combined with its recent acquisition of 480-unit and 360-unit multifamily assets in Ann Arbor, Michigan, The Habitat Company concluded transactions in December having a total value of close to one-quarter of a billion dollars.

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