Stocking Urban and Next Realty Acquire Lincoln Park Rental Property

Stocking Urban and Next Realty Partner to Acquire Multifamily Property in Lincoln Park

Planned modernization program will maintain character and appeal of nearly century old property

CHICAGO (October 30, 2018)—A joint venture partnership between Stocking Urban, LLC and Next Realty, LLC today completed the acquisition of 838 – 846 W. Altgeld, a 12-unit multifamily property located in the Lincoln Park neighborhood of Chicago, IL. The seller was a longtime private owner. The purchase price was undisclosed.

The two-building property at 838-846 W. Altgeld was built almost a century ago to house workers from the nearby Finkl Steel plant in Chicago. The buildings were purchased and renovated in 1970 by the current seller. The units feature exposed brick and timber, working fireplaces and wood flooring.

Stocking Urban and Next Realty plan to modernize the units to create more functional living spaces while maintaining their existing charm and marketability. The modernization program will be undertaken in phases, as units are vacated.

The property sits just west of Halsted Street and just north of Fullerton Ave in the affluent Lincoln Park neighborhood. Top rated shopping, dining, and entertainment amenities all are within walking distance. Public transportation and DePaul University are also a short walk from the property.

“838-846 W. Altgeld presents a very rare opportunity to acquire and reposition a unique property with great bones in an A+ location,” says Nick Stocking, Founder, Stocking Urban.

The Altgeld property is the first joint acquisition between the two companies. Separately, the companies each have long track records of successful urban acquisition, development and redevelopment projects in Chicago and around the country.

“This is a second multifamily investment through our Next Equity Program. We are excited about the opportunity the program creates to partner with Nick Stocking and reposition the property for the next phase of its success,” says Marc Blum, President & COO, Next Realty, LLC.

About Stocking Urban, LLC

Stocking Urban, LLC is a real estate investment and development company based in Chicago, IL. The company is focused on the acquisition and development of residential and commercial urban infill real estate, with an emphasis on design. Nicholas Stocking brings over 20 years of expert knowledge in all facets of urban development. He has led the acquisition and development of large-scale urban infill projects, from concept to launch to completion. This includes design, branding, marketing, structured finance, legal, zoning, construction and disposition. He has built or converted over 3,000 residential units and over 1,000,000 square feet of retail, office and industrial space. More info at www.stockingurban.com.

About Next Realty, LLC

Next Realty, LLC is a real estate private equity firm that has been acquiring commercial properties since 1998. Since inception, Next Realty has made over 60 investments across multiple asset types and locations, representing over $550 million in gross asset value. Next Realty’s focus is to acquire, reposition and improve operations of underperforming assets. Our team employs a disciplined investment approach and active asset management to structure transactions and maximize financial performance of our portfolio. The Next Equity Program is a joint-venture vehicle that invests alongside experienced, local operating partners across all property types. Together with our operating partners, Next Realty is committed to the long-term success of the firm and its investors. More information: www.nextrealty.com.

Interested in Live/Work?

We're looking to partner with like-minded developers, architects, community activists and users for true Live/Work spaces in Chicago.

The neighborhoods of Chicago need more live/work spaces to serve creative professionals and entrepreneurs in design, architecture, phtography + film, retail, food and bev, maker, arts organizations, education, or really any growing small business which adds value to our neighborhoods.

Contact us today if you, or someone you know, fits this description!

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Basecamp SFH Model Grand Opening

Ranquist Development Group and Stocking Urban, LLC, along with Berkshire Hathaway HomeServices KoenigRubloff Realty Group, have announced that the furnished model home at Basecamp SFH is now open. Located at 3708 N. Milwaukee Avenue, Basecamp SFH consists of 48 unique contemporary single family four and five bedroom homes that have been masterfully designed by Pappageorge Haymes Partners. The model home serves as the sales center for the development.

“We are so pleased to introduce Basecamp SFH to the neighborhood, buyers, and the brokerage community,” said Nick Stocking, Principal of Stocking Urban, LLC. He continued, “Using the model home as our sales center showcases these unique homes and a new vision for city living.  Increasingly, buyers who want to stay in the city, aren’t finding the type of home they want. They are embracing the trend toward more efficient dwellings in walkable neighborhoods. Basecamp SFH offers that option in a classic Chicago neighborhood, Old Irving Park.”

“What Basecamp SFH offers is not only a lifestyle, but a sense of community,” said Kimber Galvin, a broker representing Basecamp SFH. She added, “With its own streets and park, the developers have found a way to thoughtfully blend private, semi-private and public spaces within the city. We are so excited to share Basecamp SFH with our Old Irving Park friends and neighbors.”

Featuring stylish open floor plans, high-end finishes, private, fenced-in grassy yards, and detached garages, the residences at Basecamp are built to accommodate both a luxurious and efficient way of living. Basecamp SFH is conveniently located at 3700 N. Milwaukee Avenue, near the Blue Line and Metra trains.

The model is a four-bedroom home with a contemporary open living and dining area, cathedral ceilings, a lower level family room and a two-car garage. The first floor includes the living room, dining room and kitchen. Kitchens feature custom contemporary cabinetry, quartz countertops, stainless steel undermount sink, Hansgrohe Focus faucet and stainless steel appliances. White oak flooring with a natural stain is used throughout the kitchen, living room and dining room.

The second floor offers three bedrooms and two bathrooms. The bathrooms feature 12” x 24” porcelain floor tiles and 3” x 6” porcelain shower walls, contemporary custom vanities, Duravit Vero sinks, Hansgrohe Metris S and Grohe Concetto faucets, a frameless glass shower, a MAAX Rubix tub plus shower and Toto toilets.

The lower level includes a family room and bedroom that are carpeted and a bathroom with porcelain tile flooring, a Villeroy & Boch sink, Grohe Concetto faucet, shower and Toto toilet as well as a generous laundry area.

Green features include high efficiency American Standard or equivalent Energy Star furnaces with air conditioning and humidifier, Energy Star appliances, Nest programmable digital thermostats, dual flush toilets and low VOC paint.

“We’ve seen that these homes are what buyers in the city are looking for,” said Rafael Robles, a broker representing Basecamp SFH. “They want a space they can call their own, but they also want to feel connected to the city. These homes provide that opportunity, while also encapsulating unmatched design and efficiency.”

Fifteen of the 48 Basecamp SFH homes have been pre-sold. Pricing starts in the low $500,000s and first closings start this month in June. Homes are available and can be ready for occupancy in 45 days or less. To learn more about Basecamp SFH, please click here. Contact Kimber Galvin at 773.967.9103 ext. 2, or kgalvin@koenigrubloff.com, or Rafael Robles at 312.976.9103 ext. 1, or rrobles@koenigrubloff.com.

Thirst: West Town Pioneer

Thirst is a communication design practice based in Chicago. The firm works with major players in the design, cultural, and civic communities. However they keep a low profile and let the work speak for itself.

About the work... It finds that perfect balance of experimentation, art, concept, communication, and craft. It's challenging and beautiful. It has garnered multiple awards including the 2011 Smithsonian Cooper-Hewitt National Design Award for founder Rick Valicenti.

Thirst believes design is integral to the human condition. It is ubiquitous, nourishing and transformative. Thirst believes design allows us to connect with one another and compels us to slow down and pay attention.

Chicago is very lucky to have Thirst. They call West Town home. Watch the video and read the interview below to learn more.

John Pobojewski, principal designer for Thirst, answers six questions on how West Town has evolved:

WHAT WAS PIONEERING ABOUT WEST TOWN WHEN YOU MOVED HERE?

When Thirst moved to Chicago from the burbs in 2007, we were invited to share space with Wright Auctions. We had just finished designing their identity and our founder Rick Valicenti was spending several days a week building up Wright’s internal design studio with a new spirit of art direction. As such, it made sense for us to “move in” and we've never left!
The neighborhood felt very raw then and feels very much in transition now — more businesses seem to be moving in every month and there is a real spirit of creativity amongst the old warehouses that define the architectural character.

HOW DOES WEST Town SUPPORT YOUR PASSIONS?

Despite the recent changes, the area still feels very working-class and that is definitely the soul of Thirst. While our portfolio represents incredibly sophisticated art, architectural, and cultural clients, we are still very much a hands-on firm — directly connecting the strategic conversations at the conference table to the form of design being made in the studio. The neighborhood reminds us that we are here to get things done and invest ourselves in our work.

HOW HAS WEST town EVOLVED?

From rough-and-ready to a bit of a hotspot — attracting more and more creative businesses every month.

ONE THING YOU WOULD CHANGE ABOUT WEST town?

We need more options for food and cuisine. As more residents move in, the options are growing, but it’s still pretty slim pickings...

WHAT WILL LIFE BE LIKE FIVE YEARS from now IN WEST town?

Our world is changing every day — five years seems like an eternity! We’ll keep you posted...

GOT ANY SECRET HANGOUT SPOTS IN THE 'HOOD?

We call The Breakfast Club the Thirst Conference Room as it is where we get business done over omelettes and meatloaf sandwiches. The Twisted Spoke, Sip Coffee, Nini’s and Bari’s are always favorites amongst those in the studio.

Are you a neighborhood pioneer?

We're looking to spotlight urban trailblazers in retail, food and bev, arts organizations, education, or any brick and mortar concept which sparks a positive change in your favorite Chicago neighborhood.

Contact us today if you, or someone you know, fits this description!

Basecamp SFH Breaks Ground

Ranquist Development Group, along with Berkshire Hathaway HomeServices KoenigRubloff Realty Group, held a groundbreaking ceremony for their new development, Basecamp SFH in the New Irving Park neighborhood of Chicago on Friday, October 23rd. The 48 unique four and five bedroom homes, located at 3630-3660 N. Kenneth Avenue and 4400-4425 W. Waveland Avenue in Chicago, have been masterfully designed by Pappageorge Haymes Partners. Basecamp SFH is now selling Phase II of the development. 

Alderman John Arena of the 45th Ward was on hand to witness the groundbreaking, along with members of the Old Irving Park Association. Basecamp SFH is conveniently located near the Blue Line and Metra trains and is 20 minutes from downtown Chicago. Featuring contemporary design, open floor plans, high-end finishes, and private, fenced in grassy yards, the residences at Basecamp SFH will accommodate a luxurious and efficient way of living.

“We are looking forward to breaking ground on Basecamp SFH,” said Nick Stocking, Principal of  Basecamp SFH. He continued, “This is a celebration of what’s to come and we are elated that so many members of this wonderful community were able to join us on this special day.”

“I’m very excited to have Basecamp SFH settling in here and to getting this project underway,” said Alderman Arena. “The 48 families that will be living here will have access to a great community, a great shopping district at Six Corners, and we really expect this to be a big part of revitalization on the Northwest side.”

“Old Irving Park is a charming Chicago neighborhood that features historic landmark architecture and beautiful tree-lined streets and parks” said Monique Pieron-Strong, BHHS KRG listing agent for Basecamp SFH. She continued, “The section of the community that’s home to Basecamp SFH, or “New Irving Park”, as we like to call it, is emerging with a character and vibe all its own. We’re confident that residents will see this as their opportunity to become part of a hip new community within the established Northwest side of Chicago. It’s also a fantastic time to find a new home, with mortgage rates encouraging favorable market conditions for buyers."

Basecamp SFH follows on the heels of the successful Basecamp River North project which sold  out in 2014. Basecamp SFH homes are priced starting in the upper $400,000s. Anticipated  delivery is April 2016. To learn more about Basecamp SFH, please visit www.basecampsfh.com and contact BHHS KRG listing agents Monique Pieron-Strong, 312.925.6299, mpieron@koenigrubloff.com or Kimber Galvin, 312.339.6900, kgalvin@koenigrubloff.com

Otherwise Inc: West Loop Pioneer

Otherwise Incorporated describes the essence of their work as helping companies understand critical "moments of change" in branding or rebranding. It's a beautiful way of describing an incredibly difficult process of creating and launching new brands. 

Since 1997, the duo of Nancy Lerner and David Frej have led in the creation of an incredible body of work which is consistently elegant, daring, and effective. The team's studio on Randolph Street in the West Loop is a reflection of these qualities. Elegant, with creative energy; yet you feel like work gets done. The contemporary art in the space shows impeccable taste.

Take a look at the pics, then read below on how the West Loop has evolved since Otherwise has called it home.

Nancy Lerner, founder and principal of Otherwise Incorporated, answers six questions on how the West Loop has evolved:

What was pioneering about the West Loop when you moved here?

It was 1998. Simply put, the neighborhood was still raw and real. We also knew photographers who were drawn to the cavernous buildings in the West Loop to set up studios. Some of the city’s best gallerists were also early to the neighborhood, including Rhona [Hoffman] and Donald Young. 

How does the West Loop support your passions?

The West Loop is all about art, design, creative pursuits and placemaking.

How has the West Loop evolved?

$$$$$$$$$$$$$$. Google is a huge magnet and validator for the neighborhood, which is encouraging a frenzied pace of development and investment. The great success of Soho House has also been a tipping point in attracting masses of Chicagoans and visitors and vetting the neighborhood as the epicenter of the cultural scene.

One thing you would never change about the West Loop?

I'm rueful about wholesale gentrification. I only wish the West Loop can become a truly integrated neighborhood with a balance of sensitive adaptive reuse and new construction to maintain the funk!

What will life be like in five years in the West Loop for Otherwise?

We have always been interested in the early stages of neighborhood revitalization, and will like move on to the next edge.

Got any secret hangout spots in the 'hood?

Our rooftop. It's only three stories up, but provides great sight lines of the neighborhood and you're still close enough to the street to hear the sounds and activities of the neighborhood. 

Otherwise Incorporated works with diverse organizations to address their needs for brand building, rebranding, website design and development, social media, graphic design, advertising, and integrated marketing. Contact them to start a conversation about your strategic creative needs.


Are you a neighborhood pioneer?

We're looking to spotlight urban trailblazers in retail, food and bev, arts organizations, education, or any brick and mortar concept which sparks a positive change in your favorite Chicago neighborhood.

Contact us today if you, or someone you know, fits this description!

Ink Factory: Bucktown Pioneer

You talk. We draw. It's awesome.

A simple motto from Ink Factory describing the incredibly complex skill of graphic recording. Their visual recordings of live speaking events help folks from companies big and small retain more information. This small team of ink'd all-stars travel the globe, their client roster is deep, but they feel right at home in Bucktown.

 

Located a few block north of the 606 on Milwaukee Ave, Ink Factory's space is a perfect representation of the team's approach to their work. Light-hearted, creative, clever, and effective. Even the studio pup, Whisky, has his very own nook.

 

Learn why Bucktown is so important to their work:

What excited you about Bucktown?

Awesome location, not too crowded. Outside of the loop hustle.

How does Bucktown support your passions?

Approachable rent and space. It's gritty and energetic.

How has Bucktown evolved?

It's borders seem to have grown. Hipsters are moving north. Empty buildings are finally renovating.

if you could change ONE thing?

More trees and green space. One more month of summer!

One thing you would never change?

Ink Factory!

In five years bucktown will be...?

Bustling!

Got any secret hangout spots in the 'hood?

Ipsento for drinks. Irazu, Goddess, Handlebar, Birchwood and Jane for food. A quick walk on the 606 or taking in all of the amazing graffiti while strolling the neighborhood.

Interested in learning more about Ink Factory? Contact them here or just attend one of the many events they host in their beautiful space.


Are you a neighborhood pioneer?

We're looking for urban trailblazers in retail, food and bev, arts organizations, education, or really any idea which sparks a positive change in your favorite neighborhood.

Contact us today if you, or someone you know, fits this description!

Are You A Neighborhood Pioneer?

We're looking to feature some of Chicago's neighborhood pioneers on our blog. Urban trailblazers in retail, food and bev, arts organizations, education, or really any idea which sparks a positive change in your favorite neighborhood.

Contact us today if you, or someone you know, fits this description!

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The Influence Of Design Cloud

Background

Design Cloud was an interactive design agency, shared workspace and art gallery; home to a select community of designers, artists, and creative entrepreneurs. Design Cloud developed branding and technology solutions for our clients, while providing co-working, an artist residency (MOUNT), and engaging events at our beautiful studio in the West Loop of Chicago. Design Cloud helped independent creatives and small teams follow their dreams.

Major Accomplishments

During its four year tenure, 2011-2014, Design Cloud grew quickly and was incredibly productive.

Interactive Design Agency: Quickly grew to a team of 20+ designers. Engaged on branding and interactive design work by over two dozen clients, including Anixter, EventbriteVentas, and International Code Council.

Coworking Space: The only co-working space in Chicago dedicated specifically to helping creative, independent workers thrive. Provided substantial design and gallery opportunities ($1.1M in contract work) to over 50 independent creatives.

Art Gallery: Curated 19 gallery exhibitions which featured over 75 local and international artists, and an artist residency (MOUNT).

Influence

Want to know where the next great neighborhood is? Follow designers and artists, they are urban pioneers. Working side by side and connecting to the creative community of Chicago has been hugely influential for Stocking Urban when re-imagining the fabric of neighborhoods for urban pioneers.

Development Projects

Background

Stocking Urban, LLC has experience with countless acquisitions, redevelopments and leasing transactions throughout Chicago and select US cities. We bring expert knowledge in all facets of urban mixed use development including design, branding, marketing, structured finance, legal, zoning, construction and disposition. In total, we have built or converted over 3,000 residential units and over 1,000,000 square feet of retail, office and industrial space.

Select Projects

Basecamp SFH: Old Irving Park. 48 new construction single family homes.

Werkhaus: Lincoln Park. 45,000SF loft office redevelopment.

3571 W. Armitage: Logan Square. 11,000SF covered land play.

North Avenue Collection: Lincoln Park. 225,000SF mixed use retail/office complex.

No. Ten Lofts: West Loop. 268 unit loft redevelopment.

Bradley Place + Bradley Place II: Lincoln Square. 60 single family homes.

Churchill Row Lofts and Townhomes: Bucktown. 60 unit loft conversion and 39 new townhomes.

Bradley Business Center: Lincoln Square. 150,000SF flex industrial redevelopment.

Cite: Miami. 356 unit condo conversion.

Sunscape: Scottsdale. 442 unit condo conversion.

Lakeview Collection: Lakeview. Proposed 300,000sf residential and mixed use development, unbuilt.

Bradley Industrial Corridor Master Plan: Lincoln Square. Proposed redevelopment of 60 acres from industrial to residential and office, unbuilt.