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Chicago & Midwest  + South Side  + Apartments  | 

Medical District Apartments Come to Market

A nonprofit group that developed Medical Center Apartments in the 1960s has hired CBRE to market the 306-unit Near West Side property, Crain’s Chicago Business reported. CBRE is pitching the 18-story building as a redevelopment opportunity.

“We just think there’s so much that an investor can do to upgrade the property,” CBRE EVP John Jaeger told Crain’s. He expects the building to garner about $100,000 per unit, or roughly $31 million, for the nonprofit Chicago Dwellings Association.

The firm sees the resurgence of the Illinois Medical District as a draw for potential investors. Murphy Development Group is working on a $1-billion redevelopment of the old Cook County Hospital campus nearby, and a group led by Higgins Development Partners is planning a 1.2-million-square-foot mixed-use project known as the Gateway.

Both projects are part of a broader push by the Illinois Medical District Commission to attract development to the 560-acre district, Crain’s reported.

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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 16-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 7-10 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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