Two More Downtown Chicago Apartment High-Rises Come to Market
Two more downtown Chicago apartment high-rises have come to market, adding to a growing list of CBD residential towers up for sale in a sluggish market, reported Crain’s Chicago Business. In Streeterville, Invesco hired CBRE to sell the 398-unit North Water Apartments atop the Loews Hotel, while in the Loop, CBRE seeks buyers for Lake & Wells, a 329-unit high-rise owned by a venture of Chicago developer Jay Javors.
It’s not clear what the expected selling price is for either property. In 2016, Invesco paid $240.3 million to acquire North Water from DRW Holdings, a deal that still ranks among the highest per-unit prices for a large multifamily property downtown.
Javors’ Midwest Property Group developed Lake & Wells, which opened in 2010. Several months later, Oakwood Worldwide, a corporate-housing provider, signed a master lease for the entire building. Eventually, the lease expired and the property reverted to conventional apartments.
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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