Berkshire Group Buys River North's Eight O Five Apartment Tower
River North is where much of the transaction activity, and speculation, seems to be centered in Q1. Adding to the rolls, The Berkshire Group is the new owner of Eight O Five, a 32-story multifamily asset that delivered last June.
Smithfield placed the building up for sale last autumn, after it was only open a few months, Crain's reports. It's another sign of strong multifamily activity, even as there are concerns about the number of apartments in the downtown pipeline and signs of an economic downturn. In January, Invesco bought 340 E Water, a 50-story, 398-unit Streeterville apartment tower, from Convexity Properties in a a $240M deal.
Berkshire and Invesco acquisitions could be signs downtown developers are looking to cash out of the multifamily market while it's still hot. [Crain's]
