A once quiet senior high-rise at 3121 N. Sheridan Road in Lakeview is on track for a dramatic second act. The 1950 building, long used as senior housing, is set to be rehabbed into roughly 296 studio and one-bedroom apartments, according to the buyer. Plans call for a top-to-bottom overhaul that will add a large fitness center, coworking space, and even a podcasting studio. Peak Properties is slated to manage the building after the conversion, and the developer says the goal is to offer mid-market rental options in the neighborhood.
Sale and buyer
Annenberg Investments paid about $30 million for the property and is driving the conversion plans, according to Crain's Chicago Business. Berkadia brokers marketed the building on behalf of Ventas, which had turned the property into senior housing in the 1990s.
"It’s not often that a building of this scale comes available in Lakeview," Jarrett Annenberg told Crain's Chicago Business, adding that the buyer is working to get the building fully vacant so crews can "redo everything." Mike Zucker, who will oversee management, said he believes the overhaul can deliver attainable units for the area. Company officials note that Annenberg Investments already owns roughly 1,500 apartment units across the Midwest.
Rents and amenities
The buyer has sketched out expected rent ranges, with studios projected at about $1,850 to $1,950 a month and one-bedrooms at about $2,450 to $2,650. The planned amenity package, including a large fitness center, coworking areas and a podcasting studio, is clearly aimed at young professionals and remote workers who want extras without going fully luxury.
History and what it replaces
Ventas converted the property to senior housing in the 1990s, and Cook County property records show a Provident senior-living venture paid roughly $16.8 million for the site in 1998. The latest plan would remove dedicated senior units in Lakeview while adding nearly 300 market-rate apartments, a trade-off that housing advocates and neighbors will likely watch closely.
Next steps
Annenberg says construction will begin once the building is vacated and permits are secured, though the company has not released a formal timeline. Peak Properties is lined up to handle leasing and day-to-day operations as the new units are finished and brought to market.
