Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Oxford/Quadrum JV Finalizes Sale of Essex on the Park
In one of Chicago’s largest transactions this year, a joint venture of Oxford Capital Group and Quadrum Global closed on the sale of Essex on the Park, a 56-story, 479-unit apartment the JV developed in the South Loop.
Crain’s Chicago Business previously reported that San Francisco-based Iconiq Capital paid $190 million for the luxury apartment tower at 808 S. Michigan Ave. near Grant Park.
“This is a successful financial and gratifying strategic outcome for our team, particularly in the context of the challenging real estate operating and capital market environment prompted by the pandemic,” said Oxford Capital CEO John W. Rutledge.
Oxford and Quadrum broke ground on the Essex in late 2016. The project included a major renovation of the Essex Inn hotel next door, which is not part of the sale.
JLL advised the JV and arranged acquisition financing on the buyer’s behalf.
For comments, questions or concerns, please contact Paul Bubny
- ◦Development
- ◦Sale/Acquisition
