50-Story Chicago Residential High-Rise Sells for $240M

Convexity Properties of Chicago, owned by developer Don Wilson, has reportedly sold the 398-unit, 50-story North Water Apartments to Atlanta, GA-based Invesco for $240.3 million. The price amounts to $640,000 per unit, the third-highest per-unit price ever paid for an apartment building in Chicago.

The high-rise, located at 340 E. North Water St. in Chicago’s Streeterville neighborhood, was reportedly 62% leased as of 2Q15. The development also includes a 400-room hotel, which Convexity sold to Loews Hotel & Resorts in February of last year.