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Chicago & Midwest  + South Side  + Apartments  | 

Newcastle Snaps Up West Loop Apartments at “Exceptional” Price

Newcastle Limited acquired Jackson Throop Place, a 93-unit luxury apartment building at 1245 W. Jackson Blvd. in the West Loop. Although deal terms weren’t disclosed, Crain’s Chicago Business reported that the seller was Michigan Avenue Real Estate Group, and that the property was appraised for $45.8 million in 2016.

Colliers International’s Tyler Hague and Lauren Stoliar represented Newcastle. “The West Loop remains red hot despite current market headwinds,” said Hague. “Our client was able to capitalize on robust market conditions in the submarket and secured the deal at an exceptional price.”

Mike Haney, Newcastle’s CEO, observed, “We are seeing strong demand for rental apartments in the West Loop from employees of the area’s new corporate tenants. They want to live close to work and have access to great restaurants, entertainment and transportation. All of which make this property another great addition to our West Loop footprint and growing Chicago portfolio.”

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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).

  • ◦Sale/Acquisition
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