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West Loop Apartment Building Sells for $76M
JLL Income Property Trust completed the sale of a 28-story apartment community at 180 North Jefferson, in Chicago’s West Loop neighborhood. The property features 274 fully renovated apartment units along with upgraded common area amenities.
“There remains strong institutional interest in higher quality multi-family properties, and having completed our business plan for this investment over our nearly 8-year hold, this sale increases our available capital to reinvest in higher yielding properties that we believe will improve future cash flows and point forward returns,” said Allan Swaringen, President and CEO of JLL Income Property Trust. Throughout our hold period, this investment maintained a high level of occupancy and generated significant net operating income for our fund.”
JLL Income Property Trust was represented by CBRE’s John Jaeger, Justin Puppi and Jason Zyck in the transaction. JLL Income Property Trust didn’t divulge the buyer, but Crain’s reported that Milbourne Capital LLC purchased the building for $76 million.
