luxury living chicago realty Archives | Luxury Living Chicago Realty

Meet The Saint Grand: Luxury Living Chicago Realty’s First JV

Posted on September 28, 2022October 17, 2022 by LLCR Team

Development Team Secures Financing, Starts Construction, and Announces Name

A co-development and joint venture between Mavrek Development, GW Properties, Luxury Living Chicago Realty, and Double Eagle Development has closed on $102.2 million construction financing with MSD Partners.

JLL worked on behalf of the borrower, Mavrek Development, GW Properties, Luxury Living Chicago Realty and Double Eagle Development, to secure the four-year loan through MSD Partners, L.P.

The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Director Chris Knight.

“We are excited to get this project financed and begin construction,” said Adam Friedberg, Partner at Mavrek Development. “Mavrek Development is excited to continue our growth as one of the most active development groups in Chicago”

In addition, the team has announced the name of the property as The Saint Grand.

Designed by NORR, the 21-story property includes 248 Class A luxury apartments, 40,000 square feet of office, and 8,000 square feet of street-level retail on the northeast corner of E Grand Avenue and N St Clair.

The apartments are located at 218 E. Grand Ave., steps from Michigan Avenue shopping, dining and entertainment and walking distance to Lake Michigan and Northwestern Hospital campus.

The development will feature a mix of floorplans ranging from studios to 2 Bedrooms with an emphasis on in-unit workspaces and private outdoor space to accommodate post-pandemic renter preferences. There will also be a suite of amenities including an innovative package receiving service offering, state-of-the-art co-working lounge, specialized fitness center and outdoor pool and deck.

“After an exceptionally strong residential leasing season, we have even greater confidence in the ultimate success for The Saint Grand,” said Aaron Galvin CEO/Founder of Luxury Living Chicago Realty. “As a co-developer, we are using the rental trends we are seeing in the market to inform the architecture, design, and operations of this property. We have every confidence this property will be well received in the market.”

In addition to the multifamily offering, the property will include Class-A office space with a rare flagship opportunity located at 535 N. St Clair. This is the first Class-A office delivery in Streeterville in several years. The two full floors of office space also include private outdoor space, modern ventilation systems and other intentional post-pandemic health safety elements. Office tenants will be able to enjoy the apartment amenities as an added benefit.

“We’re seeing a flight to quality in the office market in Chicago,” stated Anthony Hrusovsky, Partner at Mavrek. “Companies are using new space and residential level amenity offerings to attract their employees back to the office.”

“The Offices at The Saint Grand will be the first of its kind in the Streeterville submarket, which we think will result in strong tenant demand,” added Shai Wolkowicki, Principal of GW Properties.

The property will replace a parking garage located at 535 N St Clair. Demolition is underway and groundbreaking is anticipated by the end of the year. The office will be ready for tenant build outs to start Q3 2023, with the residential delivering in early 2024.

“This development is the culmination of many hours of hard work and team collaboration,” said Peter Koch, Partner at Mavrek. “We are excited to start going vertical.”

See additional renderings and press coverage at:

Luxury Living Chicago Realty Adds 25 Team Members to Meet Luxury Apartment Demand, New Business Lines

Posted on June 22, 2022June 22, 2022 by LLCR Team

Following exponential apartment demand and growth Luxury Living Chicago Realty (LLCR), an award-winning real estate brokerage and multifamily marketing, leasing, and development firm, announces recent promotions and the addition of 25 new team members.

“We have always been at the forefront of Chicago’s luxury apartment market. With many apartments currently achieving rents well above pre-pandemic levels and limited supply in 2022 and 2023, Chicago multifamily fundamentals have never been stronger,” said Aaron Galvin, CEO and Founder of Luxury Living Chicago Realty. “Our approach to marketing, pricing, and renewals for Class A apartments is helping developers and owners capture top of the market rents and be positioned for future rent growth. In addition, our experienced broker team coupled with our market intelligence, helps renters feel comfortable with their home selection.”

Business Growth

Propelling the firm’s growth are suburban marketing and leasing assignments, renewal management, and multifamily development.

LLCR has approached new leasing assignments in the suburbs with the same professionalism and strategy employed across 50 previous leasing assignments throughout downtown Chicago. With three projects over 50 percent leased at the highest rents in the suburbs, LLCR expects future suburban marketing and leasing assignments.

In adding renewal management, LLCR has helped owner operators increase net rents upwards of 20 percent, while also improving retention rates above historical averages.

As a co-developer on a mixed-use development at 218 E. Grand, a 21-story building in Streeterville, LLCR is partnering with Mavrek Development and GW Properties to bring the first Class A multifamily development to the Streeterville submarket since 2019. Additional development opportunities are expected from LLCR.

“As our team continues to win exclusive marketing and leasing assignments, not only downtown but in the suburbs, there is an ever-increasing need for support,” said Galvin. “By hiring, training, and nurturing talent now, we will be prepared for continued increases in supply over the next few years. Securing the team now is an investment for today and the future.”

Team Expansion

Since January 2022, a total of 25 new team members have begun working at LLCR. Team members include a mix of operations, accounting, and leasing professionals supporting the firm’s exclusive marketing and leasing assignments, including One Oak Brook Commons, Highpoint at 8000 North, Cadence, Wolf Point East, Wolf Point West, and River City.

“Over the past few years, we have been intentional in our efforts to create an empowering and inclusive culture at LLCR. We’re seeing the benefits of these initiatives with minimal turnover during a period of significant growth,” said Galvin.

Team Promotions

In addition to new team members joining the company, there have been a number of notable leadership team promotions within LLCR:

Co-Founder Amy Galvin has transitioned from Managing Partner to Chief Culture Officer. In her new role, Galvin will focus on company culture, people operations, and team member wellbeing.

Chris Faye has been promoted from Director of Operations to Managing Director. Faye is tasked with overseeing the continued growth of the brokerage and further scaling the operations of the company.

Tamara Hirsch has been promoted from Senior Portfolio Leasing Manager to Director of Portfolio Leasing. As new product lines are added to the LLCR portfolio, Hirsch oversees all leasing activity and team dynamics.

LLCR continues recruiting efforts and is always looking for talented individuals to join the team. Learn more about available positions at http://www.luxurychicagoapartments.com/join-our-team.

Aaron Galvin Shares the History of Luxury Living Chicago Realty, Growing Pains, and a Bright Future | Zero to 5000 Podcast Interview

Posted on January 19, 2022January 20, 2022 by LLCR Team

CEO Aaron Galvin recently sat down with Drew McClure from the podcast Zero to 5,000. Their conversation covered a range of topics from how Luxury Living Chicago Realty started to what books have guided the CEO and anecdotes about building a business. Amy and Aaron Galvin started Luxury Living Chicago Realty in 2007 one year after celebrating their first wedding anniversary. After a few years as a partner of a two-person leasing company, Aaron realized he had a knack for the industry and a passion for helping people find their homes. Since that time, it’s been quite the ride.

LISTEN TO THE PODCAST HERE

How Luxury Living Chicago Realty Started…

As a fresh college graduate in 2002, Aaron Galvin was working in the beer and spirits industry with well-known company names like Anheuser Busch, Stoli Voda, Maker’s Mark and Canadian Club. But his career took a turn when he was introduced to a referral program in his apartment building in Chicago. Current tenants were credited a month of rent after their referral commits to a lease in the building. At the same time, he started developing a relationship with a seasoned apartment locator, helping his friends find apartments downtown. Recognizing the opportunity the internet provided after finding an apartment on Craiglist in Southern California for an internship, Galvin recalls the conversation that changed his life: As an entrepreneurial 23-year-old, he reached out to that apartment locator and offered to help him “get online.” After initial pushback, Galvin issued a firm warning: “if you aren’t online in the next six months, you’re going to be out of business.” That moment and the confidence Galvin showed inspired this seasoned vet to bring him into the fold and make him a partner. As mentioned in the interview, Galvin is forever grateful for this early mentor.

After three years of learning the business and starting a few other “side hustles” together, it was time to venture out. With the help of his wife Amy, the two co-founded and launched Luxury Living Chicago Realty (LLCR) in 2007. The company was started and still believes fully in the concept of “providing a higher level service experience for those seeking a home.” Multiple times during the interview, Galvin calls out that whether renting or buying, selecting a home is the most significant financial and emotional decision in someone’s life. This is ingrained in everyone at LLCR.

During the interview, Galvin admits that during 2008-2010, he “didn’t realize how bad it was.” This truly embodies the entrepreneurial spirit, who is feeling the adrenaline from conception, fueling momentum with grandiose visions paired with naivety. In 2008-2010 ignorance wasn’t just bliss, but it enabled the Galvins to dream up solutions at the edge of reason, completely untethered.

How one Lunch and a Four-page Microsoft Word Doc Led to LLCR’s First Development Partner

As the team was growing in 2013 and the world was coming out of a recession, Galvin was able to secure a lunch with an apartment developer in the process of launching a 60-unit loft conversion apartment building. Over lunch and a four-page written proposal promising “60 units in 60 days”, LLCR became the first brokerage in Chicago to have an exclusive leasing agreement for a multifamily apartment building. Galvin recognized that while property management companies are great at day-to-day operations, it’s nearly impossible for them to be able to provide the same level of service, training and attention to marketing and leasing. Galvin is someone who believes strongly in specialization, empowering everyone to work on the projects and tasks that best serve them and their company. The multifamily industry was ripe for disruption and LLCR was in prime position to lead the charge.

People Are At The Core Of Our Success…

In the interview, Galvin also recognizes that since 2013 the success of LLCR has been largely attributed to his team. “Since 2013, the people of the organization are the reason we’re successful.” Hiring hasn’t always been easy, and of course, LLCR has made mistakes but they have honed their process and focused on two key values.

Kindness is at the core of LLCR. “We are kind and we only want to work with people who are kind,” explained Galvin. This is rare in real estate. It’s an industry that is typically cutthroat and individualistic – so LLCR turns it on its head in multiple ways. Kindness is key to team interactions.

The second characteristic common among LLCR’s people is communication. We set up systems, we track it and we consistently evaluate the process. We are never afraid to admit what we don’t know, get smarter and iterate. It’s not just getting the systems right. It’s also in the little messages that go a long way in easing the process for renters. For example, sending an introduction text before tours and letting clients know where to park. LLCR agents habitually deliver consistent information, from the initial contact through to the sale. This is a key differentiator for the company

The Messy Middle: Chaos Can Be Perfect Timing for A Good Book…

While people are at the core of success making it the most important, Galvin also recognizes that people are the toughest part of running the business. Galvin reflected on the improvements in their hiring process and shared the deep challenges the company faced in 2019, as the headcount grew and a new culture permeated. For many company’s this could feel like the end of the road but knowing that most companies go through this type of growth, kept Galvin focused and moving forward.

The timing of the change coincided with one of the books that most influenced Galvin: “The Messy Middle” by Scott Belsky.

“While it can be difficult to withstand and tempting to rush, the middle contains all the discoveries that build your capacity,” writes Belsky.

Since 2018, the company has built a leadership team, senior management team and consistency across the board. As the pandemic hit, LLCR was laser-focused on providing service for their clients and support their people. At the end of 2020, Galvin shared a new long term goal of having 50 people celebrate 5+ year anniversaries at the company. The company is on track for that goal.

Since that lunch in 2013, the company has executed 50+ exclusive leasing engagements for some of the most well-known and prominent developers in the city. In addition, the company now employs 50+ people and has developed a proven process for all aspects of the business.

What’s Next for LLCR and Galvin…

The future is bright for LLCR and Galvin. With nearly 35% market share of new luxury leasing in downtown Chicago, the company is viewed as the most experienced and respected leasing and marketing company in Chicago.

Having just launched new leasing projects in the Chicago suburbs and eyeing national expansion, significant growth is ahead.

Listen to the podcast now for more gold nuggets of insight and inspiration.

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