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McClurg Court Center Trades in Chicago’s Biggest Apartment Sale YTD

San Francisco-based FPA Multifamily has acquired McClurg Court Center, a 1,061-unit apartment complex in Streeterville. Crain’s Chicago Business reported it as the year’s biggest local multifamily deal in a quickly recovering downtown Chicago market. 

However, although it’s not known how much FPA paid for McClurg Court, sources told Crain’s it fell well short of the $200 million-plus that was expected when Multi-Employer Property Trust listed it in February. Yet, no apartment sale in the city or suburbs year to date comes close to the size of the McClurg Court deal. 

Crain’s reported that the volume of deals could pick up in the year’s second half amid a remarkable turnaround in downtown occupancies and rents. “There’s a lot more certainty in the market right now about where rents are going to be headed,” Ron DeVries, senior managing director at Integra Realty Resources, told Crain’s. “The path is getting pretty clear.”

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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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