Akara Partners Bridging the Inventory Gap in River North, Bringing Luxury Condos at an Attainable Price

Akara Partners takes the charge on launching more affordable luxury boutique condos in the heart of River North, redefining what urban luxury stands for in the bustling Chicago market marked by the launch of Château on Wells Private Residences, starting at $443,000.

CHICAGO, IL / ACCESSWIRE / July 10, 2024 / Sales will launch and hit the market Monday, July 15th, at 707 N. Wells, currently known as the Hensley Apartments, which will undergo a conversion to condos and transformation to offer modern, luxury boutique condos.

This marks a historical milestone, as the first Class-A multifamily apartment building in River North to be converted into luxury condos since the economic downturn of the late 2000's.

This 43 unit, 11-story, 50,000-square-foot building will be rebranded as Château on Wells Private Residences, a Parisian-inspired design, offering a unique blend of old-world charm and new-world sophistication.

Units will include 1-to-3 bedroom layouts starting at $443,000, along with exclusive penthouse residences priced from $1-million and up. Each residence uniquely features its own oversized private balcony or terrace.

"Our goal is to create a residential space that not only meets the high standards of luxury condo product but also integrates seamlessly with the vibrant culture of River North," said Rajen Shastri, CEO of Akara Partners.

The property was originally developed by Akara Partners as a luxury rental building in 2016 by award-winning Architecture Firm Pappageorge Haymes. It was the first mid-rise luxury rental building to be developed on this desirable Wells Street corridor in the center of River North which was followed by thousands of units as the rental apartment boom ensued. This location affords renters to be a short walk to the Gold Coast, Michigan Avenue, Lake Michigan and the Loop along with easy access to the highway.

Shastri went on to say, "Luxury apartment living has empowered young people to enjoy an elevated urban lifestyle with unparalleled flexibility. However, as rents continue to increase and as people make life choices to stay in a place for a longer period, the idea of buying a condo and building home equity while still living this elevated urban lifestyle could be a great alternative for current renters and a great financial decision. n. Yet, few newly built condo projects in urban centers are affordable for most buyers. Our product bridges this gap, offering luxury condos at an attainable price. By reverse-engineering a typical mortgage for an average-priced condo in our building, the cost is equivalent to paying the monthly rent on 10s of thousands of current city apartments and rents are expected to continue to increase annually. There are also a lot of city dwellers who moved to the suburbs during covid. We also believe there is a suburban buyer that may want to maintain a presence in the city in a new luxury condo building without breaking the bank."

Designed by Aleksandra Nova Design, who derived inspiration from the charm of a French Château, effortlessly merging Parisian elegance with a modern, lighthearted vibe and lifestyle.

Lobby Design:

Step into the elegance of a residential lobby inspired by the opulence of a French Château. Dark walls adorned with decorative French-inspired moldings set a dramatic backdrop, invoking a sense of sophistication reminiscent of historic manors. Luxurious velvet drapery cascades from ceiling to floor, adding a touch of regal splendor and softening the space with its rich texture. Throughout the lobby, modern furniture pieces strike a balance between the old and the new, blending design styles to unite past and present worlds, while inviting guests to linger and admire the surroundings. Decorative artwork adorns every wall, from photography to intricately carved sculptures, adding layers of visual interest and cultural depth. Brass accented lighting fixtures, casting a warm and inviting glow that enhances the ambiance. Every detail in this residential lobby is meticulously curated to evoke the timeless beauty and sophistication of a Modern French Chateau, inspiring an elegant yet effortlessly chic lifestyle.

Aleksandra Nova described it by saying, "Every detail at Château on Wells is carefully curated to evoke the carefree yet sophisticated Parisian lifestyle. It's a place where grandeur meets intimacy, providing a luxurious yet relaxed environment for residents and guests to enjoy life as the French do-carefree, sophisticated, and always in style."

Residences / Model Unit Design:

Discover expansive living redefined in our residences, featuring open floor plans, private terraces, and premium finishes. Spacious open floor plans, private terraces, and luxurious finishes. Each residence features bespoke lighting elements, chef's kitchens boast Quartz Calacatta Gold Monaco countertops. Living spaces are adorned with chandeliers, wood paneling, and accent walls.

Contemporary elements like modern furniture, French-inspired photography, and dynamic modern art set the stage for a vibrant living space. Cowhide and plush rugs underfoot add warmth, complemented by sleek black metal finishes and innovative strip lighting.

Click here to view the entire luxury condo rendering and photo gallery.

Buyers will have the option to purchase the model units curated furniture design selections.

Matt Laricy, of Laricy-Americorp Ltd will head sales alongside Core Capital Group, a real estate consulting firm. Laricy, the leader in volume in the Chicago market and industry expert said, "We are excited to introduce this new much needed product to the market. Given its unique features and prime location, we anticipate a very enthusiastic reception from buyers with only 43 available residences."

Showings are available to the public starting July 15th, 2024. Click here to schedule your tour.

THE TEAM

Developer: Akara Partners

Opportunity + Vision: We're building real estate platforms of the future. Our leadership team represents the best of the best in real estate finance, investment, development, construction, sales and marketing, branding, management, and operations. Our experience is the foundation on which Akara develops every day.

Interior Designer: Aleksandra Nova Design

Founded nearly a decade ago by Aleksandra Nova after her return from extensive international travel, Aleksandra Nova Design has distinguished itself as a highly sought-after design firm. Inspired by luxurious stays in some of the world's most elegant hotels, Aleksandra established her firm with the vision of bringing the same level of subtle indulgence to every project. Her mission is to collaborate with premier clients and skilled craftsmen to achieve a perfect blend of authenticity, functionality, and elegance in every space she designs.

Contact:
Name: Kelly Morris
Contact Email: sales@chateauwells.com

SOURCE: Château on Wells