Akara Partners Bridges Inventory Gap in River North with Château on Wells

Akara Partners is set to launch more affordable luxury boutique condos in River North. The project, Château on Wells Private Residences, starts at $443,000 and aims to redefine urban luxury in Chicago. Sales commence on July 15th at 707 N. Wells, previously known as the Hensley Apartments. This will be the first Class-A multifamily building converted to luxury condos in River North since the late 2000s economic downturn.

The 11-story, 50,000-square-foot building will house 43 units, offering 1-3 bedroom layouts and exclusive penthouses starting at $1 million. Each condo features oversized private balconies or terraces. Designed by Aleksandra Nova Design, the interiors merge Parisian elegance with modern sophistication.

"Our goal is to create a luxury residential space that integrates seamlessly with the vibrant culture of River North," said Rajen Shastri, CEO of Akara Partners. This development addresses the need for attainable luxury condos in urban centers, offering a financially attractive alternative to renting as rents continue to rise.

Sales will be managed by Matt Laricy of Laricy-Americorp Ltd and Core Capital Group. Showings start on July 15th, 2024, with only 43 available residences. The project promises a blend of old-world charm and modern living, providing a luxurious yet relaxed urban lifestyle.