Gerding Edlen People Planet Prosperity

40-story, 263-unit apartment building

420 E. Ohio, located in Chicago, IL, was acquired in 2016. Originally built in 1991, 420 E. Ohio is a 40-story, 263-unit apartment building featuring a mix of unit types and floorplans including studios, one-, two- and three-bedroom apartments and a full suite of amenities. In 2016, Gerding Edlen executed a value add strategy at the property which included an extensive renovation of select units and amenity spaces and new sustainable operations practices. The property is centrally located in the Streeterville neighborhood of Downtown Chicago, right off Navy Pier in a quiet pocket amidst major corridors of activity, and one block from the 18-mile lakefront walking/biking bath. 420 E. Ohio is also within walking distance to many of the City’s major demand drivers including the Northwestern Memorial Hospital campus, “Magnificent Mile” Michigan Avenue shopping district and the Chicago CBD. Gerding Edlen successfully acquired and renovated the property and is now re-leasing and managing the asset.

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420 E. Ohio

Location: Chicago, IL		Launch Property Website
Type: Apartments
Square Footage: 259,000
Owner: Green Cities III, L.P.

- 263 residential apartment units providing a mix of studio to three-bedroom floorplans
- Since 1991, the property has undergone significant systematic and cosmetic enhancements, such as unit and common area upgrades and the addition of new amenity spaces
- Gerding Edlen’s value-add strategy included an extensive renovation of the remaining non-renovated units, the lobby, fitness center and indoor tenant lounge
- Unit upgrades completed by Gerding Edlen included new, vinyl wood plank flooring, Energy Star-rated appliance, quartz countertops and backsplashes and updated bathroom vanities
- Building amenities include a business center, fitness center with recently added yoga studio, a resident lounge, an indoor pool with skylights and two outdoor sun decks with lounge seating, fire pits, private cabanas
- New sustainable operations practices such as a green cleaning program, recycling program, quarterly sustainability events and organized volunteer and charitable events
- Expansive views of Lake Michigan and the Chicago skyline
- Gateway to Navy Pier and only a few blocks from the Ohio Street Beach and Museum of Contemporary Art
- Northwest Memorial Hospital campus, “Magnificent Mile” and 18-mile lakefront walking/biking path all within walking distance
- Transit-rich location served by the “El” Red Line and several nearby Divvy bike stations
- 145 car parking stalls with a ZipCar located on-site and an indoor bike parking room

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420 E. Ohio

Prosperity