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FLATS Chicago Sells 6 Of Its Properties For $67 Million Including 4 In Edgewater


5411 N. Winthrop

Local developers, Cedar St. Companies, have officially sold six of their Edgewater and Uptown properties which consist of 435 rental units. New York-based developers, CLK Properties bought the properties for $67 million.

Five of the buildings which are located at 5411 N. Winthrop, 5718 N. Winthrop, 5051 N. Kenmore, 6134 N. Kenmore and 4875 N. Magnolia, were all branded under the FLATS Chicago name. The sixth building has not yet been disclosed as the sale is still pending.

Over the last decade, FLATS Chicago had purchased several buildings in the area which needed dire repair. The rehabbed structures morphed into higher-end rental units that focused on unique features such as free wi-fi, in-unit laundry and a pet-enthusiastic culture.

According to CLK Properties, Chicago has been a growth target market for their company.  Between 2014-2015, CLK increased the company’s portfolio to twenty-two properties in Chicago. These current FLATS acquisitions will boost those numbers.

Cedar St. will continue to focus on its properties in Uptown such as their recent purchase of the old AON building on the 5000 block of Broadway and the Lawrence House at 1020 W. Lawrence. According to a DNAinfo article, the are planning possible further acquisitions along Wilson Ave.

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