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Chicago & Midwest  + Downtown  + Apartments  | 

Optima Chicago Center Trades in Streeterville

HFF has arranged the sale and acquisition financing of Optima Chicago Center, a 325-unit apartment high-rise in the city’s Streeterville neighborhood. Buyer and sales price were not identified. Crain’s Chicago Business reported that Edge Principal Advisors paid $155 million, the highest price for a Chicago-area multifamily property since Coast at Lakeshore East traded for $222 million last July.

The HFF team of Sean Fogarty and Marty O’Connell marketed the property on behalf of the seller, a partnership comprising Optima, Inc., DeBartolo Development LLC and OPTrust. Additionally, HFF’s Danny Kaufman worked on behalf of the new owner to secure financing through Pacific Life Insurance Company.

Constructed in 2013, the 42-story property features a mix of 323 one, two and three-bedroom units along with two penthouses, all totaling 328,451 rentable square feet. It also includes 20,644 square feet of commercial space.


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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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