7301 N. Sheridan Rd.
Chicago, IL 60626

October 30th, 2013 by Rockwell Partners

Old Orchard Ct in Skokie, IL

Old Orchard Ct in Skokie, IL

Address:

7301 N. Sheridan Rd.
Chicago, IL 60626

Location:

Rogers Park Neighborhood

Asset Class:

Mixed-Use (Apartments & Commercial)

Size:

106 Units, 101 Apartments,
5 Commercial Spaces (7,000 SF)

Description:

“This historic beaux-arts style building was constructed in 1922 by famed Architect/Developer Benjamin Marshall, the same architect of such iconic Chicago buildings as The Drake Hotel and The Blackstone Hotel. After undergoing financial distress and three owners in just five years, however, the property was in extreme disrepair and was struggling in every sense.”

The Rockwell Effect:

Rockwell Partners took over the management of the building in August of 2011, and began a dramatic turnaround that substantially improved the lives of the building’s residents and the owners’ investment. The turnaround included:Physical Improvement: Rockwell made cost-effective decisions to improve the physical property including bringing back the building’s historic lobby, bringing the elevators up to City code, changing the building zoning, and adding substantial security features.Leasing & Management Improvement: Rockwell was able to bring the building from below 65% occupancy to 98% occupancy over the course of the first 12 months, while also increasing lease rates to fair market value. Efficiencies were added by placing experienced and knowledgeable staff on site and sharing resources with other nearby buildings that are managed by Rockwell.

Metrics:

Date Occupancy
9/01/2011 68.87%
3/01/2012 84.37%
9/01/2012 98.37%
3/01/2013 98.37%
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    Chicago, IL 60626