Nevele22

About Nevele22

Nevele22 is a 97-unit boutique luxury apartment community located in the heart of Chicago’s River West neighborhood, strategically positioned at the crossroads of top employment and amenity hubs in Fulton Market, the Loop, and River North. This prime location offers unparalleled convenience, with the Chicago Blue Line CTA stop just steps away and numerous bus and bike routes nearby, making it an ideal destination for high-income earners commuting throughout the city. The submarket surrounding Nevele22 boasts a high concentration of affluent households, with 70% of households within a quarter mile earning over $100k. This renter base drives robust demand for luxury living, contributing to consistent rent growth of over 3% and occupancy rates averaging above 95% over the last 10 years. Nevele22 offers immediate access to over 773,000 jobs in Fulton Market, River North, and the Loop via various transit options, making it perfectly positioned for today’s urban commuter.

NATION LEADING MARKET FUNDAMENTALS

Massive Supply/Demand Imbalance in Chicago for next 3+ years

-Averaged 4,975 units/year delivered in downtown Chicago between 2014-2024

- Only delivering 1,560 units per year between 2025-2027, a 69% decrease from the last ten years

-Averaging 5,143 units absorbed per year since 2014

Robust Submarket Occupancy and Rent Growth

-Averaged 3.6% rent growth over the last ten years

-Projected to average 5.6% rent growth annually over the next ten years

- Average submarket occupancy over 95% for the last 10 years

DENSE, HIGH INCOME URBAN RENTER PROFILE

55k people within one mile

$196k average HH income

43% of population aged 20-34

57% renter population, up from 49% in 2010

UNBEATABLE WALKABILITY AND ACCESS TO TRANSIT

Connectivity to largest employment centers in Chicago – 20-minute walk to 81.2 SF of office space in the Loop, Fulton Market, and River North

Steps from CTA Blue Line stop – one stop from Fulton Market and 7-minute ride to the Loop

Located on Milwaukee Ave. “Hipster Highway” - roughly 3k bike commuters daily

New 40k SF grocery store – 3-minute walk

Walkscore – 96, Bikescore - 96

LUXURY HIGH-RISE LIVING AT NEIGHBORHOOD RENTS

Unimpeded views of downtown Chicago with large windows and natural light

Best in market unit interiors featuring – chef grade kitchens with curated Energy Star appliances (Fisher & Paykel, GE) and luxury bathrooms with Grohe fixtures and floating vanities

Amenity package commensurate with larger luxury asset – hotel style lobby, fully equipped fitness center, sundeck, rooftop deck with outdoor kitchen, green roof, and seating areas with bioclimatic pergolas

Rents positioned $150 below nearby high-rise product