South Loop Apartment Tower Goes Back on the Market
Wood Partners has hired the Chicago office of JLL to sell Alta Roosevelt, a 496-unit rental high-rise at 801 S. Financial Pl. in the South Loop, Crain’s Chicago Businessreported. Atlanta-based Wood completed construction of the building in 2017 and put it up for sale in mid-2019, but the property never sold.
The Alta Roosevelt listing could offer some signals about the market, boosting confidence for brokers and landlords if it fetches a high price. It’s unclear how much Wood is seeking for the property, which is being sold without an asking price. Just three downtown properties sold for more than $100 million in 2021.
Alta Roosevelt is a high-end building with luxury amenities, although it’s more affordable than properties closer to the CBD, where rents can exceed $4 per square foot per month. The building is 95% occupied, according to CoStar Group.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-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 15-20 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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