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Lakeshore East Apartments Come to Market as Renters Return Downtown
PNC Realty Investors has hired the Chicago office of CBRE to sell the Shoreham, a 548-unit apartment tower in downtown Chicago’s Lakeshore East development, Crain’s Chicago Business reported.
The 548-unit Shoreham is one of a few big downtown apartment buildings to go up for sale in the past several months, and the listing reflects a bet that as renters return downtown, investors are also ready to come back.
While the Shoreham’s occupancy level is above average for downtown, just one large downtown apartment building, the 479-unit Essex on the Park, has sold since last summer, Crain’s reported, citing Real Capital Analytics. Some sizable properties, including McClurg Court in Streeterville and the Van Buren and 727 W. Madison St. in the West Loop, have been put on the market but haven’t sold.
The dearth of comps makes it hard to estimate what the Shoreham could fetch in a sale, Crain’s reported.
- ◦Sale
