Developer Buys 182 Lakeview Apartments for $61.5M With Plans to Add More Housing

LAKEVIEW— Finding enough property to control almost an entire residential block in an established North Side neighborhood is rare. A Chicago developer just did exactly that.

Concord Capital has acquired nine apartment buildings totaling 182 units along the 3400 block of North Elaine Place in East Lakeview for $61.5 million, with plans to hold the portfolio long term, renovate existing apartments selectively and eventually add more housing.

The off-market transaction with CLK Properties closed August 12, 2026, according to reporting and details subsequently released by Concord. The portfolio was approximately 95% occupied at closing.

But the most interesting number may not be $61.5 million.

The properties currently contain 182 apartments, yet Concord says the site has enough existing floor-area capacity to potentially accommodate as many as 306 units.

Nine Buildings on One Short Lakeview Block

Elaine Place is a one-block residential street running between West Cornelia Avenue and West Roscoe Street, roughly between Broadway and Halsted Street.

Concord's acquisition includes most of the buildings on the street, although not every property.

The nine buildings date from 1894 through 1959 and collectively include:

182 existing apartments
105 parking spaces
Approximately 95% occupancy
Development capacity for as many as 306 total residences
A purchase price of $61.5 million

The acquisition works out to roughly $338,000 per existing apartment, before assigning separate value to the parking or future development potential.

Total capitalization for Concord's investment is expected to reach approximately $78 million.

Concord Is Buying More Than Existing Apartments

This is not simply a conventional apartment acquisition.

Concord principal Drew Millard has indicated that the apartments are already in strong condition, so the company is not planning to empty the buildings for a major gut renovation.

Instead, apartments are expected to receive selective cosmetic improvements when residents move out or renew leases.

At the same time, Concord sees opportunities to increase the number of residences already contained within the block.

The first step could involve creating garden apartments in lower levels of the existing buildings.

That strategy is particularly timely after Chicago expanded its rules governing additional dwelling units, giving property owners more opportunities to convert eligible basements and other spaces into legal residences.

Reports surrounding the Elaine Place acquisition indicate the existing buildings could support roughly two dozen additional garden units, although final totals would depend on building conditions, code requirements and permits.

Could Elaine Place Eventually Grow From 182 to 306 Apartments?

The longer-term opportunity is much larger.

Concord says existing floor-area rights could support up to 306 residential units across the property, potentially allowing the company to add 124 homes beyond the 182 already there.

Part of that growth could come from garden apartments.

Another possibility is the portfolio's surface parking lot.

A future apartment building on that site has been discussed as one way Concord could use the remaining development capacity.

However, this is an important distinction for nearby residents and property owners:

There is no immediate plan to redevelop the parking lot.

Millard has said Concord intends to focus first on the garden units and improvements to the existing apartments. New construction could become an option later.

So the deal does not mean Lakeview is immediately getting 124 new apartments.

It means one developer now controls a large collection of properties with considerably more residential capacity than is currently being used.

Why This Block Is Valuable

Location helps explain why Concord was willing to make such a large investment in older apartment buildings.

Elaine Place sits in East Lakeview, within walking distance of:

Wrigley Field
The Northalsted entertainment district
CTA Red Line service
Broadway restaurants and businesses
Lake Michigan and the lakefront
Belmont Harbor

The portfolio is only about two blocks from the lakefront and sits in one of Chicago's most mature residential neighborhoods.

That combination creates something developers cannot easily reproduce: a significant concentration of already-operating apartments in a highly built-out neighborhood where assembling comparable land for new construction would be difficult.

Concord is essentially acquiring three things at once: existing rental income, a rare concentration of property and unused development capacity.

Why Developers Are Looking for More Housing in Lakeview

The acquisition comes as developers continue looking for ways to add apartments in a neighborhood where large vacant development sites are scarce.

Unlike Fulton Market or portions of the South Loop, Lakeview does not have huge stretches of former industrial land available for redevelopment.

New housing often has to come from:

vacant infill lots, redevelopment of older commercial buildings, conversions, additions or more intensive use of property that is already developed.

That is what makes Elaine Place interesting.

Instead of buying land and starting with zero residents, Concord acquired 182 occupied apartments and can gradually look for ways to increase density around them.

Other Lakeview projects are following different versions of the same pattern, with new apartments moving forward or proposed along corridors such as Belmont Avenue, Broadway, Sheridan Road and Lincoln Avenue.

Buying in Lakeview? Know What Could Change Around the Building

In a built-out neighborhood like Lakeview, future development often happens one lot, parking area or existing building at a time.

If you're considering buying, selling or investing in Lakeview, Lakeview East or Wrigleyville, connect with The Cory Tanzer Group at Option Premier to evaluate current listings, comparable sales, building history, nearby development and the individual blocks surrounding a property before making your move.

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