Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
John Buck Puts River North Apartment Tower on the Market
The John Buck Company has hired JLL to market 3Eleven, a 25-story luxury apartment building in River North, reported Crain’s Chicago Business. A marketing brochure from JLL doesn’t list an asking price.
Given the record high rents for downtown Chicago apartments, it should be an opportune time to sell, Crain’s reported. However, Crain’s said the downtown apartment market is sluggish amid high interest rates and investors’ current aversion to big buildings in the city.
Buck is also in the process of selling Mila Chicago, a 42-story tower near Millennium Park. A buyer has reportedly come forth, but it’s not clear when the sale will close, according to Crain’s.
It’s been a slow year for big downtown apartment sales, with just three exceeding $100 million to date, Crain’s reported. In the most recent major deal, Morguard paid $133 million for Echelon Chicago, a 350-unit building in the Fulton River District.
- ◦Sale/Acquisition
