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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.
Pictured: Lake & Wells apartments.
- ◦Sale/Acquisition
