The $222.5 million sale of Coast at Lakeshore East led a stellar year of multifamily transactions for Chicago that topped $3.5 billion, according to a new article in Multi Housing News.
Morguard North American Residential purchased the 45-story 515-unit, LEED Silver certified property from Magellan Development Group.
The sale highlighted a year in which supply and demand within the city’s apartment sector returned to a “more balanced dynamic” after a period of overbuilding, MHN said.
Transactions were especially high in Q3 and Q4, and with rents that stayed relatively flat alongside an increase in jobs, MHN said, investor interest in Chicago was high.
MHN said the most popular primary and secondary suburban areas included Naperville, Glendale Heights and Wheaton. In the urban submarkets, the sought-after areas included The Loop, Near North Side and Near West Side.
Among other top-of-the list acquisitions:
2. The Park Evanston – a 24-story luxury tower bought for $127 million by New York Life Real Estate Investors.
3. 1333 Wabash – a 25-story, 305-unit residential tower sold to Habitat Co. by CMK Development for $125.1 million.
4. TGM Danada – a 27-building, 600-unit community purchase by TGM Associates for $110.5 million.
5. Avant at the Arboretum – a Class A property that changed hands twice in 2017: first in April to LivCor as part of a $429.5 million portfolio sale, and then sold by LivCor to JVM Realty for $100.8 million.
You can read Multi Housing News’ story by clicking here and see Yardi Matrix’s chart of the top-10 multifamily acquisitions below: