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Connect Midwest: Multifamily Adaptive & Reuse Trends – Chicago June 13

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Connect Midwest: Multifamily Adaptive & Reuse Trends – Chicago June 13

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Chicago & Midwest  + North Side  + Apartments  | 

UBS Sells Addison & Clark Stake at a Loss   

A UBS investment fund has cashed out of its majority stake in Addison & Clark, a seven-story apartment and retail complex across from Wrigley Field that opened in 2019, reported Crain’s Chicago Business. The developers took a big loss on the property, selling it for $100 million, about $80 million less than it cost to build. 

Dinerstein, a Houston-based multifamily investor, effectively bought the UBS fund out through a recapitalization in late April. The fund’s two local partners, M&R Development and Bucksbaum Properties, re-invested in the building. 

With 145,000 square feet of retail space and 148 apartments, Addison & Clark seemed like a sure bet when the developers broke ground on the project in 2016. A few months after its opening, COVID-19 changed all that. 

“Obviously, the market has declined dramatically, and we got hit particularly hard at that site because of the pandemic,” M&R chairman Tony Rossi told Crain’s

Meet industry experts at the upcoming Connect Midwest: Multifamily and Adaptive Reuse Trends, which takes place June 13, 2023 at the W Chicago City Center Hotel. Click here for more information and to register. 

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About Paul Bubny

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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