CHICAGO – Related Realty announces it has been hired by Chicago-based developer Akara Partners for the exclusive sales and marketing of Akara’s planned 28-unit condo building at 100 W. Huron Street, at the corner of Huron and Clark in Chicago’s popular River North neighborhood.
“We’re at a turning point in Chicago’s real estate market, with developers recognizing the opportunity created by low inventory stemming from the lack of construction during the downturn,” said David Wolf, president of Related Realty. “Akara Partners is a part of the first wave of developers stepping up to meet buyer demand with new-construction condominium product. We’re excited to put our expertise in condo sales to work to ensure the success of 100 West Huron.”
Akara Partners acquired the site at 100 W. Huron St. in 2013 and plans to break ground this fall, with first deliveries expected in fall 2015. The 14-story building will include 2-, 3- and 4-bedroom plans, a fully equipped fitness center, dog run and 24 hour door staff. Pricing is expected to start at $985,000.
The partnership with Akara marks further expansion into development sales and marketing for Related Realty. In addition to offering traditional resale brokerage services, the firm handles sales and marketing for Related Midwest’s development portfolio. Most notably, Related Realty manages sales for South Loop Luxury by Related, a collection of 504 condos across three towers in Chicago’s South Loop neighborhood. In 2013 alone, the Related Realty development sales team sold more than half of the condos in the collection.
“We wanted a partner for 100 W. Huron who has proven they understand the complicated dynamics of the current market and, at the end of the day, has demonstrated concrete results in terms of condo sales,” said Rajen Shastri, founder/CEO of Akara Partners. “Related Realty has an outstanding track record in both development sales and the resale market, so we have every confidence in their ability to sell out this building quickly.”
Wolf added that his team’s extensive network within Chicago’s brokerage community will be key to driving quick sales for 100 W. Huron in a fast-paced, low-inventory market.
“One of the most valuable resources we provide is our connections with local agents and our on-the-ground experience in Chicago’s market,” Wolf said. “Our development services stem from the expertise and best practices of the Related Companies, which sets our approach apart from any other brokerage in Chicago.”
Pre-sales for 100 W. Huron St. are currently underway, with a full sales and marketing launch expected later this month.
For more information about 100 West Huron, contact 312-274-3922 or visit 100WESTHURON.COM.