$370M Quartet of Apartment Deals Illustrates Chicago’s Appeal

CBRE’s John Jaeger, Dan Cohen and Justin Puppi recently arranged four separate capital market transactions of multifamily properties in the Chicago area. The assets total 1,033 units and represented $370 million in total consideration. Individual sale prices and purchasers weren’t disclosed. 

At the crossroads of downtown Chicago’s River North and Gold Coast submarkets, Jaeger, Cohen and Puppi, along with George Good’s National Retail Team from CBRE, represented an East Coast Institutional pension fund in the sale of The Bernardin. The boutique property includes 171 units with 21,000 square feet of retail. 

CBRE represented Redwood Capital Group in the sale of Dwell at Naperville, a 400-unit rental apartment property in Naperville, IL. In Downers Grove, IL, The Opus Group purchased a development site that will yield 167 units; CBRE’s Jaeger, Cohen, Puppi, Pete Marino and John Parrett all assisted in raising equity for the proposed development.  

CBRE represented a confidential institutional advisor in the sale of The Retreat, a 295-unit townhome-for-rent property in Wheaton, IL, to an East Coast pension fund advisor. 

“Investors had been in a wait-and-see approach earlier in the year and these transactions are illustrative of the change we are seeing in Chicago,” said Jaeger. “Capital is ready to deploy, and Chicago presents attractive fundamentals to multifamily investors that will drive activity through the rest of this year and beyond.”