A&C Snaps Up Lakeview Multifamily for $55M

An affiliate of Sonoma, CA-based A&C Ventures paid just under $55 million to acquire Lakeview 3200, a seven-story building at 3200 N. Clark St., from Standard Cos., a Los Angeles-based apartment investor that has owned the property since 2018, reported Crain’s Chicago Business. Completed in 2016, the property in Chicago’s Lakeview neighborhood includes 90 apartments and a 29,000-square-foot Target on its ground floor.

The sale offers another data point for investors wondering what’s happened to multifamily values since interest rates jumped last year, Crain’s reported. A&C paid $21 million last month for the Lakeview building and assumed a $33.9-million mortgage, indicating a total value of $54.9 million for the property.

Although that’s an increase from the $53 million Standard paid for the building in July 2018, the gain pales when compared to past multifamily deals, according to Crain’s. Local multifamily values soared for most of the past decade amid rising rents and low interest rates, but the increase in interest rates that began last year has taken much of the froth out of the market and even pushed values down.