Chicago & Midwest + Downtown + Apartments | April 24, 2023

Circa-2014 West Loop Apartments Hit the Sales Market

DWS Group, an affiliate of Deutsche Bank, and Naperville, IL-based developer Marquette have hired CBRE to sell Catalyst, a 223-unit property at 123 N. Des Plaines St., reported Crain’s Chicago Business. Marquette developed the 20-story apartment building, which opened in 2014, before the West Loop construction boom took off.

The property’s co-owners are seeking a buyer in an apartment market with strong rents but weak investment sales, Crain’s reported. However, Catalyst could attract interest from so-called value-add buyers, investors that seek out opportunities to fix up apartment buildings and then raise rents. The building is pushing 10 years old and could benefit from additional investment to retain its luxury status.

“I think everybody feels like it’s a great value-add opportunity because it was developed in 2013-2014,” Darren Sloniger, former Marquette CEO who still owns a stake in Catalyst, told Crain’s.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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