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Near West Side Apartments Expected to Fetch $120M-Plus
The owners of Scio at Medical District, a 410-unit apartment complex on Chicago’s Near West Side, have hired CBRE to market it for sale amid a rising rental market, Crain’s Chicago Business reported.
A joint venture including Chicago-based Focus and Atlanta-based Atlantic Residential has tapped CBRE EVP John Jaeger to sell the two-tower property at 901 S. Ashland Ave. The property’s location, just west of the University of Illinois at Chicago and east of the Illinois Medical District, should attract strong interest from buyers, Jaeger told Crain’s.
“There’s a lot of interest from investors to be near these massive medical centers that have steady, high-paying jobs,” he said.
Jaeger estimates Scio will sell for about $300,000 per unit, or $123 million. Although that’s well above its prior sale price of $55 million in 2004, the complex, built in 1972, has undergone extensive renovations in recent years.
- ◦Sale/Acquisition
