Hairpin Lofts
Hairpin Lofts | 28 Units | Chicago, IL
Marketing description
Colliers is pleased to present Hairpin Lofts, a mixed-use multifamily asset located along North Milwaukee Avenue. The LIHTC agreement allows investors to acquire a predictable, cash flowing asset in one of Chicago's highly sought-after Avondale / Logan Square submarkets. Positioned at the prominent six-corner intersection of Milwaukee, Kimball, and Diversey, the property benefits from exceptional visibility, transit connectivity, and access to one of Chicago's most dynamic and supply-constrained submarkets.
Originally constructed in 1933 as the Morris B. Sachs Building, the property is a designated historic landmark listed on the National Register of Historic Places. The building was comprehensively redeveloped in 2012, transforming the former mixed-use commercial structure into a distinctive loft-style residential community while preserving its historic architectural character. Today, the six-story building spans approximately 37,800 square feet and includes 28 thoughtfully designed one- and two-bedroom units averaging 853 square feet, with an additional 5 retail/commercial spaces.
Hairpin Lofts seamlessly blends historic character with modern functionality. Residences feature open-concept layouts, high ceilings, expansive windows, and contemporary finishes, while geothermal heating and cooling systems support efficient building operations. Original architectural elements were preserved throughout the redevelopment, reinforcing the property's identity as a highly differentiated, design-forward multifamily asset. Ground-floor retail and the Hairpin Arts Center contribute to an active mixed-use environment, enhancing neighborhood engagement and supporting consistent pedestrian traffic.
Hairpin Lofts offers investors the opportunity to acquire a long-term cash flowing asset with durable renter demand in one of Chicago's most dynamic submarkets. Its irreplaceable location, architectural distinction, and integrated mixed-use environment position the property as a highly differentiated investment within the Avondale/Logan Square submarket.
Investment highlights
- Predictable income stream through embedded regulatory structure - Current structure creates a highly predictable and defensive revenue profile, with annual rent growth driven by HUD adjustments to Area Median Income, rather than traditional market volatility
- Strong occupancy performance - Consistently strong occupancy backed by stable demand and reliable forward trends
- Positioned at prominent Logan Square six-corner intersection - Situated at the highly visible intersection of Milwaukee, Kimball, and Diversey, the property benefits from strong foot traffic, transit accessibility, and neighborhood prominence
- Historic landmark with architectural character - Listed on the National Register of Historic Places, the property features distinctive design elements and a fully restored facade that differentiate it from competing assets
- Boutique loft product with strong renter appeal - 28-unit mix of one- and two-bedroom loft-style residences with high ceilings, open layouts, and modern finishes designed to attract urban renters
- Mixed-use asset with retail and cultural uses - Ground-floor retail and Hairpin Arts Center provide additional cash flow and create a dynamic live/work/play environment that enhances tenant experience
- High-growth, transit-oriented submarket - Avondale/Logan Square submarket continues to attract strong renter demand driven by Blue Line access, neighborhood amenities, and a growing population of young professionals
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