ACHIEVING OFF MARKET SALES AND EXCEEDING PRESALE REQUIREMENTS
Corwin Partners worked closely with The Hampdens development team and architect from the beginning, providing the initial market study, collaborating on product design, and managing investors through the equity raise of the development. Tucked in Chicago’s East Lincoln Park neighborhood, The Hampdens consists of two boutique elevator buildings, each requiring specific presales and market launch strategies.
Corwin Partners leveraged a targeted off-market campaign toward psychographicly-identified innovators, early adopters, equity referrals, and friends of the program. We achieved presale requirements for the first building, Hampden 53, during a six-month off-market sales campaign. By collecting feedback during the presales period, we were able to identify buyer preferences and design improvements. We quickly identified objections and brought positive design adjustments to a slower-selling unit type prior to construction start and increased its market acceptance to that of the rest of the building. Continued sales success resulted in 75 percent of the building being sold from floorplans and that incredible sales velocity allowed us to push pricing as high as 20 percent over initial pro-forma.
Our team launched the second building, Hampden 73, three months after Hampden 53. Leveraging leads collected from the previous launch, we were able to quickly secure early buyers in Hampden 73 during an off-market campaign. Our team achieved construction presale requirements within 60 days of going to market. Given the strong neighborhood amenities and the perceived lack of interest in building amenities during the presales period, we advocated for a conversion of common area to salable exterior space and increased revenue by $1.8M as a result. The building was 80 percent sold from floorplans. Doing so generated additional urgency and allowed for price increases in excess of 15% over pro-forma.
The Hampdens sold out before construction completed.
The Hampdens, a duet of residential mid-rise buildings, combine the charm of East Lincoln Park with the benefits of urban living. Aptly named Hampden 53 and Hampden 73, each building features single-family home living on one level with private elevator entry and two-car parking. Two retail storefronts in Hampden 73 contribute to the evolving development along Diversey Parkway and enhanced streetscape of the neighborhood.
Nestled in the heart of the city’s most desired neighborhood, The Hampdens is steps from everything – restaurants, shopping, culture, and Lake Michigan. Growing families enjoy the proximity to expansive Lincoln Park and in-district access to Alcott Elementary. Empty nesters embrace the spacious single-floor living layout with rooms for guests and access to the downtown lifestyle.
- Curbed Chicago, October 2017
- Crain's Chicago Business, November 2017
- Windy City Times, August 2018
SULLIVAN GOULETTE & WILSON