Chicago's Top 10 Multifamily Building Sales of 2015 (So Far)
The blistering hot real estate market hasn't been limited to office buildings in Chicago. Across the area, multifamily towers and complexes have sold in the eight and nine figures. Today we take a look at the biggest multifamily deals of the year to date.
1. OneEleven Apartments For $328.3M
Location: Central Business District
Price: $328.3M
Number of Units: 504
Sold: January
Price Per Unit: $651k
When Heitman bought the 60-story tower at 111 W Wacker from Related Cos, it marked the highest amount ever paid for an apartment building in Chicago. That's a nice return on Related's investment when they took over the former Shangri-La hotel site four years ago and delivered the project last year at a cost of $180M.
2. Burnham Pointe Apartments For $126M
Location: South Loop
Price: $126M
Number of Units: 298
Sold: June
Price Per Unit: $423k
Crescent Heights bought this 29-story tower from Monogram Residential Trust in June for $126M. It was a tidy profit for Monogram, which bought the building at 730 S Clark for $88M five years ago. Burnham Pointe started out as a condo development but the sale epitomizes how hot the South Loop residential submarket has become.
3. The Chicagoan For $104M
Location: River North
Price: $104M
Number of Units: 221
Sold: March
Price Per Unit: $470k
Planned Realty Group bought this 37-story building at 750 N Rush from a JV of Draper & Kramer, National Real Estate Advisers and the Wolback Family. Draper & Kramer built The Chicagoan in 1990 and has been working to upgrade the building's amenities to compete with new deliveries.
4. Wheaton 121 For $95.7M
Location: Wheaton
Price: $95.7M
Number of Units: 306
Sold: May
Price Per Unit: $313k
Invesco made a splash with the most expensive suburban sale on our list when they bought this complex at 121 N Cross in Wheaton from Morningside, which spent $63M developing the property.
5. JeffJack Apartments For $82M
Location: West Loop
Price: $82M
Number of Units: 190
Sold: July
Price Per Unit: $432k
LaSalle Investment Management bought this development at 601 W Jackson from a JV of architect Tom Roszak and tech exec Dan Moceri just last week. The building only opened in April, and Roszak and Moceri spent $65M to build JeffJack.
6. Circa 922 For $75M
Location: West Loop
Price: $75M
Number of Units: 149
Sold: June
Price Per Unit: $503k
Clarion Partners bought this development at 922 W Washington from a JV of Focus Development, Carlyle Group and Atlantic Realty Partners. Circa 922 includes a 10-story, 104-unit tower and an older 45-unit building.
7. Park Grove Apartments For $66.3M
Location: Mount Prospect
Price: $66.3M
Number of Units: 512
Sold: January
Price Per Unit: $130k
Buyers are looking to the suburbs for quality multifamily developments. Example: Home Properties' purchase of this development at 1821 W Golf from Shire Management Group. Home Properties plans to invest $14M in upgrades over the next four years.
8. Pensacola Place For $65.75M
Location: Uptown
Price: $65.75M
Number of Units: 264
Sold: April
Price Per Unit: $249k
Waterton Associates has big plans for this 18-story high-rise at 4334 N Hazel after buying it from RMK. Built in 1981, Waterton plans to upgrade the building's common areas and amenities and may even build more apartments.
9. Clover Creek Apartments For $54M
Location: Lombard
Price: $54M
Number of Units: 504
Sold: March
Price Per Unit: $107k
Another suburban multifamily sale, LivCor bought this development at 830 Foxworth Blvd from a JV of Golub and Praedium Group. Golub bought Clover Creek in 2010 for $49.5M.
10. The Meadows For $53M
Location: Lakemoor
Price: $53M
Number of Units: 496
Sold: March
Price Per Unit: $107k
Rounding out the list is our final suburban entry. Strategic Properties bought this complex at 450 Sullivan Lake Blvd from GE Capital, which obtained the property in 2013 from Jupiter Realty via a deed-in-lieu of foreclosure.
