Luxury Living Chicago Archives | Luxury Living Chicago Realty

Luxury Living Chicago Realty Earns Finalist Spots in Multiple Categories and Takes Home Executive of the Year at Illinois REjournals Real Estate Awards

Posted on September 1, 2022October 17, 2022 by LLCR Team

Illinois Real Estate Journal recently announced finalists for its 2022 awards program, and Luxury Living Chicago Realty is a finalist in multiple categories. At the live awards ceremony, CEO Aaron Galvin took home the honor of Executive of the Year category. The firm was also a Finalist in the Professional Service Company of the Year category. Learn more about how we earned our finalist nominations by reading below.

Executive of the Year – Aaron Galvin

With established pandemic policies in place and a renewed focus on growth, Aaron Galvin, CEO and Founder of Luxury Living Chicago Realty, took the company to new heights in 2021.

LLCR received multiple awards and recognitions in 2021, including once again being named to the 2021 Inc. 5000 List of Fastest Growing Companies. The company was also named a finalist in two categories for PR Daily’s Content Marketing Awards – “Content Marketing for the Purpose of Lead Generation” and “Thought Leadership Campaign”.

As in past years, Aaron led the way as an innovator and trailblazer, working closely with Chicago’s real estate media and multifamily trade publications and publishing multiple articles featuring real-time insight and teachings.

Additionally, Aaron hosted the Chicago Luxury Apartment Market Update in March. The virtual conference featured industry insights with more than 300 attendees joining in live. Aaron also served as the keynote speaker for his industry peers, which included everyone from developers and property managers to investors.

Expanding into fresh territory, Aaron also has LLCR expanding into building its first co-development and joint venture with Mavrek Development and GW Properties. The 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.

Professional Services Company of the Year

Luxury Living Chicago Realty continues to meet and exceed expectations within the industry, hitting multiple milestones in 2021. With 3,000+ apartments in their leasing portfolio, the company remains an authority on marketing and leasing luxury properties in the Chicagoland area. The most notable exclusive leasing assignments include Wolf Point East, Wolf Point West, Logan, Panorama, River City Apartments, Norweta, and One Oak Brook Commons.

By April 2021, exclusive leasing and marketing assignments Norweta, The Jax,and Logan Apartments reached leasing milestones of at least 95% leased.

The company’s Wolf Point East, an iconic apartment tower above the Chicago River, hit 95 percent leased in June 2021, exceeding all leasing metrics throughout the lease-up.

Panorama, a new BlitzLake development in Chicago’s Lakeview neighborhood, hit the 100% leased milestone in July 2021. The 140-unit luxury apartment building began leasing in January of last year.

Holding nearly 35% of the new luxury leasing market share in downtown Chicago, LLCR’s experience and commitment continue to resonate with its consumer base. Additionally, the company continues to launch new leasing projects in the Chicago suburbs and looks forward to ongoing expansion and growth.

Luxury Living Chicago Realty Presents Fulton Market Multifamily Data

Posted on July 15, 2022July 18, 2022 by LLCR Team

Luxury Living Chicago Realty’s CEO Aaron Galvin delivered a presentation at Bisnow’s The City of Fulton Market event on July 13. During the presentation, Galvin outlined the company’s growth over the past 15 years while also forecasting what’s to come for multifamily in Chicago’s West Loop/Fulton Market.

The Growth of LLCR

Galvin began his presentation by recognizing his team of 70, which has leased more than 20,000 apartments over 15 years — comprising a staggering 35% of all new unit leasing in downtown Chicago. With a focus on Class A leasing and luxury condominium sales, the LLCR team has expertly leased or sold $5 billion+ in capitalized value.

By collaborating with numerous developers, capital partners, and multifamily partners, advising across all areas of the development, marketing, and leasing process, Galvin said that LLCR is ensuring “success with these multi-million-dollar investments that make up the fabric of our city.”

TruRent – Real Time Class A Apartment Data

To best understand what makes Chicago multifamily successful, Galvin said it is first necessary to delve into the mind of the Chicago luxury tenant. “Renting an apartment is one of the most financially and emotionally significant decisions in someone’s life” noted Galvin. LLCR recognizes this and provides both qualitative and quantitative data for renters and developer clients.

Over the last two years, LLCR has developed TruRent, a proprietary technology platform that captures real-time data on Chicago’s Class A luxury apartments. LLCR is now tracking nearly every unit that comes on the market in Chicago and every unit that gets leased at the actual unit level.

This allows the company to create the most accurate market studies which help inform pricing for our current clients and future developers and capital partners.

Historical Delivery Data

Touching on the historical data of the area since 2016, Galvin said the area has had approximately 4,000 units deliver — mostly from 2019-2021. For the properties delivered to date, the average size of the building is right around 300 units with an average unit size of about 750 SF.

All of these properties have extensive interior and exterior amenities and upscale finishes including stainless steel appliances, quartz countertops, luxury plank flooring, an in-unit washer-dryer, and custom closets. These are some of the nicest buildings in the city.

Current Market Data

In total, there have been about 25,000 new luxury apartments delivered to these neighborhoods since 2016 across 60 properties.

Based on data from Q2 2022, Galvin said Chicago’s multifamily market is robust, with Class A luxury apartments 94%+ occupied and average rents at an all-time high of nearly $4.00 per square foot. The average gross rent exceeded $3,000 in Q2 2022.

On both a PSF basis and Gross Rent basis, Old Town/Gold Coast leads the way with River North and Streeterville slightly behind. All of these submarkets have had significant new deliveries in the past 2-3 years at the very top of the market.

In West Loop/Fulton Market, the most recent price-per-square-foot is $3.93 and the average rent is $2,903. The only reason West Loop/Fulton Market is not higher is due to the lack of view premiums. For comparison, the average height in West Loop/Fulton Market is 19 stories. Streeterville’s average is 47 stories. High-floor units in most neighborhoods feature lake and city views which renters are willing to pay a premium for.

As larger scale and taller properties deliver in the next few years in Fulton Market, Galvin predicts West Loop/Fulton Market average rents will exceed Loop/Lakeshore East and be on par with River North and Streeterville.

West Loop/Fulton Market YTD

With minimal supply and increasing demand, rents have continued to increase YTD in this submarket.

Galvin also noted, there are minimal concessions in the West Loop or really any other submarket. Most Lease-Ups, including two in Fulton Market/West Loop, have been offering 1-month of free rent. There have not been any concessions offered on renewal leases and we are seeing lease trade-out increases of 15-20%, burning off all pandemic concessions.

Concessions will remain a part of the landscape during the lease-up but data is proving the market can absorb these gross rents.

Future Pipeline

“With current fundamentals stronger than ever, developers and capital partners are ready to invest in the city of Fulton Market,” Galvin said. “We’re entering a period of significant growth.”

In total, there have been roughly 4,000 Class A units delivered to this submarket since 2016.

In total, LLCR projects ≈10,000 new units added to this submarket in the next 3-5 years. This would be 28 new multifamily properties added to West Loop/Fulton Market.

Galvin concluded with the following:

“No one year is going to overwhelm this market. A popular Chicago neighborhood like Fulton Market can absorb 2000, even 2500 units in one year. Everyone can be successful here”

Real-Time Pipeline

If you are interested in access to the only real-time Class A pipeline in the market, please click here and provide your contact information.

Luxury Living Chicago Realty Named A Finalist in Two Categories for PR Daily’s 2021 Content Marketing Awards

Posted on December 22, 2021December 22, 2021 by LLCR Team

For the third consecutive year, Luxury Living Chicago has been named a finalist in PR Daily’s Content Marketing Awards, this year placing in two categories. The first category, Content Marketing for the Purpose of Lead Generation, we highlighted our “Consistency as a Key Strategy for Inbound Content Marketing.” and is the third consecutive year we placed as a finalist. The second category we were nominated for is PR Daily’s Thought Leadership Campaign, where we discussed “Providing Clarity in Uncertain Times”.

Submission requirements for PR Daily’s Content Marketing Awards included details about our goals, strategy and tactics, execution, and evaluation in terms of success, results or ROI. A summary of what we included in our submission is as follows.

Lead Generation – Consistency as a Key Strategy for Inbound Content Marketing

Consistent content creation is an essential part of our inbound marketing strategy to build lead generation, which is rooted in three key principles: attracting, engaging, and delighting customers. Along with other success metrics, excellence in these key areas accounts for a significant increase in new leads.

The Luxury Living Chicago Realty site was built to be a resource for anyone looking for an apartment in downtown Chicago. Every week at least three new blog posts are published and shared throughout marketing channels that link back to the website.

Every month our team reviews a list of SERP opportunities, meets with our sales teams to discuss commonly asked questions, and analyzes the top performing content driving traffic to our website.By the end of the award timeframe, the LLCR site ranked in the top 2 Google search results for 288 queries, a number that has continued to increase month over month since the website’s creation in 2016.

Thought Leadership Campaign – Providing Clarity in Uncertain Times

As part of our submission for the Thought Leadership Campaign, Luxury Living Chicago Realty made numerous updates to the LuxuryChicagoApartments.com website that enabled us to address COVID-19 concerns and strategically shift to virtual leasing.

Thought leadership was deployed to generate bylined articles and secure media interviews about how LLCR was continuing to operate safely during the pandemic and to share best practices and key learnings with the real estate industry. From Chicago Agent Magazine to Bisnow to The Real Deal’s, CEO Aaron Galvin worked closely with Chicago’s real estate media and multifamily trade publications to share important data and metrics about Chicago’s luxury apartment market as well as best practices related to marketing and leasing apartments during a pandemic.

Galvin published multiple articles featuring real-time insight and learnings via the Forbes Real Estate Council and Inman.com. In April, How To Lease An Apartment Sight Unseen and How To Improve Remote Leasing Efforts With Video ran with the goal of sharing strategies that had been working for the company. In May, he shared additional insight in the article How To Convert Apartment Website Traffic To Leases, followed by his July submission Apartment Leasing Has Changed For The Better: How To Succeed With Multiple Leasing Options.

On March 3, 2021, Aaron Galvin hosted the Chicago Luxury Apartment Market Update. Months in the making, the goal of the virtual event was to share company data and key learnings from the past year. The event featured a keynote from Galvin, a market report from the company’s Director of Leasing strategy, a candid interview between a luxury renter that moved during the pandemic and her leasing agent and culminated to a panel discussion with some of the biggest names in Chicago real estate. The panel discussion was moderated by Galvin and featured key figures from Hines, Fifield and Related. The virtual event was attended by 300+ industry peers from developers to property managers to investors.

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Being recognized as an organization that is included with a group of notable names in business is both an accomplishment and an honor. All winners for PR Daily’s Content Marketing Awards will be announced in January 2022.

If you would like to learn more about Luxury Living Chicago Realty’s multifamily marketing services, please sign up for our newsletter below. We share recent thought leadership articles, case studies, multifamily data and more in our newsletter.

Luxury Apartment Building Panorama in Chicago’s Lakeview Neighborhood Hits 100% Leased

Posted on July 20, 2021July 20, 2021 by LLCR Team

Luxury Living Chicago Realty achieves leasing milestone for the 140-unit luxury apartment building

Luxury Living Chicago Realty (LLCR) announces Panorama, a new BlitzLake development in Chicago’s Lakeview neighborhood, has hit the 100% leased milestone. The 140-unit luxury apartment building began leasing in January of this year.

“We began pre-leasing Panorama in mid-January and are excited to announce that this is one of the fastest lease-ups we have ever completed,” said Aaron Galvin, CEO & Founder of Luxury Living Chicago Realty, the exclusive marketing and leasing provider for Panorama. “This property delivered at the perfect time, offering renters an upscale yet attainable option in Lakeview.”

Conveniently located at the northwest corner of Clark and School streets, the development offers luxury units ranging from studios to two-bedrooms, new retail space, and parking for 22 vehicles. Created by noted architecture firm bKL Architects, Panorama features a masonry exterior with large, deep-set windows and the interior features premium finishes and amenities such as salt quartz countertops, Moen and Kohler chrome fixtures, nine-foot exposed concrete ceilings, and smart phone controlled door locks.

Panorama was designed to embody the spirit of community and convenience under one roof with additional community amenities including an on-site dog spa, Amazon hub package lockers, and lounges designed to meet work-from-home or private study needs.

The penthouse level is home to a state-of-the-art fitness center with private training, on-demand fitness, an expansive yoga room, and PELOTON and Technogym fitness equipment, a theater room, and a chef’s kitchen as well as a rooftop terrace with sweeping views that inspired the building’s name.

“When we set out to develop Panorama, the goal was to provide an alternative to the vintage walk-ups and aging high rises prevalent in the area,” said David Blitz, CEO of BlitzLake. “We are very proud of this asset and the market’s reaction to it.”

Panorama is well located for transit, including the Brown and Red Lines, as well as bus and bike routes to downtown. Bordering the Wrigleyville, Southport Corridor, and Boystown neighborhoods, residents are close to conveniences such as restaurants, farmer’s markets, lakefront parks, and shopping. With a 96 Walk Score, this area of Lakeview has become a destination for both locals and transplants to the city.

Learn more about the apartments at www.panoramachicago.com.

Class A Luxury Chicago Apartment Market Update

Posted on March 12, 2021 by llcrmarketing

On Wednesday, March 3rd, Luxury Living Chicago Realty hosted a virtual conference. CEO Aaron Galvin, Director of Leasing Strategy Mark Ziemke and Director of Residential Rentals Tristen Heiman shared industry insights with the over 300 attendees that joined live. In addition, the event featured a View From the Trenches panel with Hines’ Will Renner, Related Midwests’ Tricia Van Horn and Fifield’s Jon Schneider, moderated by Aaron Galvin.

Market Update from Luxury Living Chicago Realty Founder and CEO

Luxury Living Chicago Realty Founder and CEO, Aaron Galvin, shares his view of the Chicago apartment market throughout the pandemic and his thoughts on how that shifts the future.

In his keynote speech, Aaron touches on some key points and trends in the Class A Chicago rental industry. He uncovers the pandemic impact on Chicago luxury rental apartments, the current luxury renter demographics, and the surge of leasing velocity throughout the start of 2021.

To read more about Aaron Galvin’s keynote, click here or watch the video below.

Market Data Report from Luxury Living Chicago Realty Director of Leasing Strategy

Director of Leasing Strategy, Mark Ziemke, dives into Luxury Living Chicago Realty’s exclusive data, sharing demographics, pricing, and trends in the market.

In this data overview, Mark compares how this past year lines up with years of the past, and that it’s not all bad news. He dives into the shift in peak seasonality when it comes to leasing, relocation statistics throughout 2020, how rent was impacted from the pandemic, and the rebound of the Class A renter market in the beginning of 2021.

To read more about Mark Ziemke’s data presentation, click here or watch the video below.

Luxury Renter Perspective Interview with Luxury Living Chicago Realty Director of Residential Rentals

Director of Residential Rentals, Tristen Heimann, interviews a luxury renter about their experience finding an apartment during the pandemic and shares common feedback he is hearing from his clients.

In this interview, Tristen uncovers a few main takeaways for current Chicago renters and developers alike. He goes over the current world of remote and virtual touring, the major role that in-person apartment showings play when making the final decision, the most important amenities to Chicago renters right now, and the process of working with a broker to find the perfect apartment.

To read more about Tristen Heimann’s interview with Class A Chicago renter, click here or watch the video below.

View From The Trenches Panel with Fifield, Related Midwest, and Hines Developers

CEO Aaron Galvin moderates a panel of seasoned and well-respected luxury developers discussing the day-to-day challenges of meeting Class A renter expectations and preserving value in a continued pandemic environment.

In this panel with Luxury Living Chicago Realty CEO Aaron Galvin and developers including Fifield’s Jon Scheider, Related Midwests’ Tricia Van Horn, and Hines’ Will Renner, we discuss various challenges and breakthroughs over the past year for Chicago developers. The panelists dive into the importance of investing in digital assets like remote leasing tools, the problem with pricing software in an economic downturn, the emphasis on additional work-from-home space and outdoor amenities, and more.

To read more about the View From The Trenches panel, click here or watch the video below.

For more information or questions about the current market of Chicago’s Class A multifamily, get in touch with our team today and be sure to sign up to receive industry insights.

Tag: Luxury Living Chicago