Chicago Apartments Close to Bally’s Casino Site Sell for $42M
An apartment building near the planned Bally’s casino traded at a 26 percent loss for the seller late last year. The 141-unit property, Mondial River West, located along the Chicago River, was sold by Charlotte-based Barings, which hired Berkadia last summer to market the 15-story building at 910 West Huron Street.
The buyer, Illinois investment firm Exposition Capital, paid just over $42 million, down from the $57.5 million that Barings paid for it a decade ago, reportedCrain’s. Pete Evans, senior managing director in real estate firm Berkadia’s Chicago office, represented Barings in the sale.
Cornerstone Real Estate Advisors, now a part of Barings, bought Mondial from Chicago-based Waterton in 2013. Waterton had transitioned the former condo building to apartments after acquiring the property in 2011. Mondial is in close proximity to Bally’s $1.7 billion casino project, and the property is the latest in a handful of multifamily transactions in the area.
Connect Industrial Midwest 2024 will take place on March 5, 2024, at Joe’s Live in Rosemont, Illinois. Click here for more information and to register.
Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories.
With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.