Beal Properties Buys Downtown Chicago Apartments for $27M

A high-rise apartment building in downtown Chicago has sold for $27 million to Beal Properties.

Located at 1344 N. Dearborn St., the property was 95% occupied at the time of sale and was sold by Ravinia Capital Group,reported the Chicago Business Journal.

Ralph DePasquale with Berkadia Chicago represented Ravinia on the deal. The sale price reflects a per-unit price of $287,234 or roughly $388 per square foot for the 94-unit property.

Per the Journal, the property was described as “representing a truly generational opportunity in the heart of the Gold Coast,” said DePasquale in a statement. “The location is outstanding, situated along the tree-lined Dearborn Street, and the asset has undergone substantial capital upgrades in recent years as part of the deconversion process.”