A nine-story apartment building east of the Country Club Plaza has been bought for $5.2 million by a Chicago investment group that intends to begin a major remodeling in January.
The buyers, represented by Sean Connelly of the real estate firm 33 Realty, have purchased Plaza Towers, an 84-unit brick building at 209 Emanuel Cleaver II Blvd. The Plaza Towers, located a half block east of the Plaza area Winstead’s restaurant, has been home to many college students over the years as well as some longtime residents.
The new owners intend to upgrade the apartments to “condo-quality finishes with modern design,” Connelly said.
He said the company expects to end up with one- and two-bedroom apartments that rent for between $945 and $1,200 a month in the fall of 2016.
Rental information now posted online indicates that the apartments have been renting for $650 to $895 a month. Some apartment rental sites that allow comments suggest that significant updating and repairs are needed.
Eventually the redone apartment building will be renamed, Connelly said, but the new name has yet to be determined.
He said the new owners want to time the renovations as tenant leases expire, but the building as a whole will undergo a complete systems update as well as getting updated kitchens, baths and other finishes. The apartments now have window air conditioning units, which he said will be replaced.
Connelly said the redesign will include a workout room, a bicycle room, 47 secured parking spaces, a private outdoor space and grills. He declined to estimate a total remodeling cost.