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JV to Pay $180M for South Loop Apartment High-Rise
A joint venture between Skokie, IL-based American Landmark Properties and Dallas-based Evergreen Residential has agreed to buy Alta Roosevelt, a 496-unit high-rise at 801 S. Financial Pl. in Chicago’s South Loop, Crain’s Chicago Business reported. The venture is buying the property for $180 million from the building’s developer, Atlanta-based Wood Partners, which put it up for sale in February.
The deal will provide one data point for investors wondering what multifamily high-rises in downtown Chicago are worth these days, Crain’s reported. The $459 per square foot for Alta Roosevelt is “stunningly low,” especially considering it would cost about $600 per square foot to construct the same building today, a source familiar with the downtown apartment market told Crain’s.
Still, the price is the highest for a downtown Chicago apartment property since Waterton paid $209 million, or $344,000 per unit, for the Tides at Lakeshore East last December, Crain’s reported.
- ◦Sale/Acquisition
