Aqua apartments: condo quality for rent

Months after it opened, I finally got the chance to get a tour of the apartments at Magellan Development's Aqua Tower, the wavy structure at 225 N. Cloumbus that's drawing a lot of attention for its unique exterior design. But the interiors aren't too shabby either, with condo-quality finishes throughout the studio to two-bedrom units.

One unique feature Aqua offiers is the Rent-to-Buy program. This allows renters to allot 25 percent of their rent towards the purchase of a condo in the Lakeshore East development, to to 2.5 percent of the purchase price on developer-owned units. This is great news for those on the fence: you have nothing to lose by getting into the program, since you would have paid that money in rent anyway. And the chance to save a few thousand on ownership is always welcome. Aqua Tower will eventually house condos, a hotel and apartments, so you could potentially move to a higher floor in the same building.

Aqua's smallest apartments start at 571 square feet for a studio, which starts at $1474 to rent. Seems steep, but given the neighborhood and amenities, I've seen a lot more pricy. The most expensive units are 1160 square foot two-bedroms, starting at $3000.

Plus, even the convertible units seems relatively large. All of Aqua's units are designed to hold a queen-sized bed, says Magellan's Tricia Van Horn. The alcove in this convertible which runs $1646-$1940, holds the bed plus a dresser, and has a floor to ceiling view of the downtown. Plus, some convertibles are as large as 671 square feet, which is almost comprable to the smallest one bedroom (731 square feet). You'll pay about the same, with one bedrooms starting at $1960.

Because of the unique exterior structure, each balcony is a little bit different in size and shape. Most of the views, like this one of Millennium Park and a portion of the skyline, are interesting and unique as well. The very close city views provide a unique perspective you won't get from a neighborhood apartment.

The living rooms are large enough, although I think I'd miss having a dining area in some of the smaller units. Floor-to-ceiling windows and granite countertops give the feeling of luxury. I'm also a fan of the in-unit washer and dryer in every space- Tricia said a survey among residents revealed that was a top priority for renters.

Aqua's a knockout if you're looking for a luxury rental near downtown. Also, check out Lakeshore East's other apartments, the Shoreham and the Tides, if you're looking to take advantage of the Rent to Buy program.

More on the amenity center tomorrow!