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McClurg Court Apartments Come to Market as Value-Add Play
Moran and Company has been hired to market the 1,061-unit McClurg Court apartments in Streeterville. It’s Downtown’s second largest multifamily complex after Presidential Towers in the West Loop.
Moran describes the 47-year-old McClurg Court as “workforce housing in a Class A location,” and therefore suited to meet demand from the largest and fastest-growing segment of renters.
The owner of the 45-story McClurg Court towers, Multi-Employer Property Trust (MEPT), has spent $30 million on physical improvements and common area upgrades over the past five years, Moran says. However, “it can be assumed that all units at McClurg Court are viable upgrade candidates,” making the property “a generational value-add opportunity,” according to Moran.
Crain’s Chicago Business reported that MEPT paid $126 million for McClurg Court in 2006. The REIT’s investment in the property was valued at $184 million at the end of 2017, according to an MEPT annual report, says Crain’s.
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