The Latest Apartment Tower To Hit The Market: Marquee At Block 37
In perhaps the surest sign yet that Chicago multifamily real estate is shifting focus from construction to dispositions, CIM Group has retained Eastdil Secured to seek a buyer for Marquee at Block 37, the 690-unit apartment tower atop the Block 37 shops downtown. A sale of Marquee could be the biggest for a Chicago multifamily property in a decade, Crain's Chicago Business reports.
CIM Group and its partner in Marquee, Morguard, are believed to be seeking $600K/unit. That would be a total sale price of $414M for a building that opened last June. If CIM can get that price, it would be the largest multifamily deal since Presidential Towers sold for $475M in 2007. Golub, CIM's longtime Chicago partner, handles Marquee's leasing and property management. The building is 84% leased.