Ascentris and Optima Expand Relationship to Develop Luxury Multifamily Property Located in Chicago, Illinois
Chicago, IL (September 02, 2020) – Ascentris, on behalf of a fund it manages, announced today it will expand its relationship with Optima, Inc. through a multifamily development in the Lakeview submarket of Chicago, IL. Optima Lakeview will feature 187 market rate and 11 affordable luxury multifamily units, 14K sf of Class-A ground floor retail space, and an unparalleled amenity package including an indoor basketball court, fitness center, golf simulator, and rooftop pool.
The transit-oriented development site at 3460 N. Broadway is a short walk to Wrigley Field, the Lake Michigan lakefront, running trails, two grocers, including a Whole Foods and multiple elevated train station stops, providing easy access to downtown. Ascentris and Optima will commence construction in September with first deliveries anticipated in 1Q-2022.
“We are very excited to partner with Optima on this development,” said Ascentris Senior Vice President, Denis Curran, “The infill site is surrounded by exceptional neighborhood amenities and the luxury finishes that Optima has become known for will provide a unique offering in the Lakeview submarket.”
“We knew we had a fantastic opportunity to reimagine this site with a vibrant and forward-thinking design that would enhance the neighborhood,” said David C. Hovey Sr., FAIA, CEO of Optima, Inc. “We value our partnership with Ascentris and look forward to working together on this new development.”
The partnership between Ascentris and Optima began in 2015 with Optima Kierland, a three-phase luxury residential development in North Scottsdale, AZ. 7160 Optima Kierland, a 150-unit luxury multifamily property, achieved the highest effective rents in the Phoenix metropolitan area in 2019. 7120 Optima Kierland, a 220-unit condominium property, was 93% pre-sold at construction completion in 2018. 7180 Optima Kierland, a 205-unit condominium property, is currently 70% presold with construction completion anticipated in 2021.
Ascentris is a real estate private equity firm based in Denver, Colorado. With over $2 billion in assets under management, Ascentris manages a series of discretionary institutional vehicles targeting both transitional and generational value-added investments across the major property types and geographic regions within the United States. Since 2003, Ascentris’ management team has relied on an investment philosophy and organizational structure that results in its investors getting to opportunities ahead of the market while receiving an unmatched level of service, transparency and accountability. Ascentris is a privately held and management-owned SEC registered investment adviser that maintains an unwavering commitment to put its investors’ needs first.
About Optima, Inc.
Optima, Inc. is a privately held, design-driven real estate development firm with offices in Illinois and Arizona. For more than 40 years, Optima has been developing, designing, building and managing striking urban and suburban luxury residential communities. From the beginning, Optima aimed to reinvent housing by integrating the functions involved in new construction within one company. Optima controls and executes every aspect of the process in-house – development, design, construction, sales and management – for a dynamic system that offers greater focus and fluidity. Optima is committed to delivering extraordinary living through design, innovation, sustainability and management.