Chicago developer Tandem is cashing in on the development boom in Logan Square.
Cook County public records show the builder sold its MODE Logan Square apartment complex late last month for about $30.7 million to a trust that shares an address with Chicago-based Fifield Companies.
Located at the intersection of West Armitage Avenue and North Campbell Avenue, MODE consists of 78 units and 6,500 square feet of retail space across two four-story buildings. The complex is a reconstruction of a former fine arts storage facility.
The predecessor to Tandem began rezoning and developing the property in 2013, joining a string of residential players seeking to add rental stock in a Northwest neighborhood known for its dining and entertainment options, according to local news reports. The project was completed in 2017.
Tandem’s website describes the apartment complex as a $23 million project. Neither Tandem nor Fifield responded to requests for comment.
Multifamily rents in Chicago and its suburbs are projected to grow 4.8 percent through 2023, raising the average effective rent to $1,980 per month and giving the metro area one of the largest increases in the nation, although growth is fueled by increased availability and new Demand has moderated, according to Marcus & Millichap’s market forecast, construction.
MODE rents range from $950 to $2,100 for studios, $1,015 to $2,880 for one-bedrooms, $1,013 to $3,665 for two-bedrooms, and $4,015 for three-bedrooms to $4,145.
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Tandem also joined west ring roadrecently completed a 196-unit luxury condominium complex at 1044 West Van Buren Street.
