South Loop condos to switch to apartments

Yesterday, Crain's reported that the condos at the Roosevelt Collection, 150 W. Roosevelt Road, were going to be repositioned as rental units. But as the article points out, the rental market isn't doing as well as it once was.

So how will the Roosevelt Collection's lofts stack up to their South Loop rental neighbors?

Here's a comparison with some nearby apartments:

Roosevelt Collection:

Smalles/least expensive unit: $1,370 for 759 square feet or $1350 for 764 square feet (1 bedrooms)

Largest/most expensive unit: $2,275 for 1497 square feet (2 bedroom + den)

Amenities: smoke-free, 300,000 square feet of retail including a movie theater in the buildings, park, health club. In the unit, you'll enjoy soaking tubs in the bathroom, granite countertops and stainless steel appliances in the kitchen

Sky 55 (1255 S. Michigan Ave)

Smallest/least expensiveunit: $1,553 for 656 square feet (1 bedroom)

Largest/most expensive unit:$4614 for 1785 square feet (penthouse)

Amenities: You can choose upgrades for your apartment finishes, outdoor terrace and rooftop pool, cardio room, catering kitchen, screening room.

Burnham Pointe (730 S. Clark, also originally planned as condos):

Smallest/least expensive unit: $1,593 for 737 square feet (one bedroom)

Largest/most expensive unit:$5067 for 2,239 square feet (penthouse)

Amenities: Fitness Club, pool, spa, terrace with gas grills, club room, business center. Granite countertops, stainless steel appliances.

1401 S. State Street 

Smallest/least expensive unit: $1,300 for 567 square feet (one bedroom)

Largest/most expensive unit: $3,400 for 1,651 square feet (penthouse)

Amenities: Sky Garden, fitness center, dog run, social room, dry cleaning drop off/pick up. Private balconies in some units.

If rent continues to drop as young professionals choose to live with roommates or stay home with their parents, you may be able to get a good deal on apartment units that were originally planned as condos. The units tend to be a bit larger, and some units have higher finishes that apartments.