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West Loop Apartments Trade at $508K Per Unit
Apartment Investment Advisers (AIA) recently closed the sale of an apartment building in the West Loop. The 18-unit building at 25 N. Bishop St. sold for $9,150,000, or $508,333 per unit. AIA’s Jack Cassin and Bill Cassin brokered the sale.
The apartments were built in 2009 with a mix of simplex, duplex, and penthouse floor plans. With rental units averaging more than 2,000 square feet, the building fills a void in the submarket, AIA says.
Although the West Loop has been booming with new-construction developments, those deliveries have been primarily much smaller rental units or larger condominiums and townhomes.
“Everyone agrees the future of the West Loop is bright, but what drove the market on this offering was the square footage of the units,” said Jack Cassin. “In the current stay-at-home environment, who wouldn’t appreciate some more space now?”
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
