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South Loop Apartments Fetch $190M in Year’s Priciest Deal
San Francisco-based Iconiq Capital is paying $190 million for Essex on the Park, a 479-unit high-rise luxury apartment tower at 808 S. Michigan Ave. near Grant Park in the South Loop, from the development joint venture that built it, Crain’s Chicago Business reported. The venture between Chicago-based Oxford Capital and New York-based Quadrum Global completed the project in spring 2019.
The acquisition, which is expected to close at month’s end, is believed to be the highest-priced Chicago-area multifamily acquisition this year. It eclipses the $155 million that Strategic Properties paid in April for Cityfront Place, a 480-unit building on the Chicago River, Crain’s reported.
Oxford and Quadrum broke ground on the Essex in late 2016, financing construction with a $169.8-million loan from a lender group led by Goldman Sachs. The project included a major renovation of the Essex Inn hotel next door, which is not part of the sale.
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- ◦Sale/Acquisition
