Cresset Partners bought a Wells Place apartment complex in the South Loop from a joint venture of Michigan Avenue Real Estate Group and Syndicated Equities.
The JV developed the four-story, 84-unit building after buying the surface parking lot in the 800 block of South Wells Street for $6.2 million in 2014. It was financed with a September 2015 construction loan from Parkway Bank & Trust for $21.2 million, according to Real Capital Analytics.
Mark Stern, managing director of real estate at Chicago-based Cresset, the private investment affiliate of Cresset Wealth Advisors, declined to reveal the final sale price of his firm’s purchase of the property. The details of the sale were not yet available on RCA or in county records.
The supply of rental units in the city, particularly Downtown, has been surging in recent years, with 5,000 new units completed last year and another 5,000 expected to come online this year. Wells Place also sits across the street from the 448-unit River City complex that is being converted from condos to rentals.
But Stern told Globe St. that Wells Place is well positioned to attract renters because of its “condo-quality” units.
A website for the development shows rents of $2,500 to $2,850 for several two-bedroom, two-bathroom units that will be available starting next month and come with parking.
Stern told The Real Deal his firm plans to rehab vacant retail space on the first floor of the building into a fitness center for residents. [Globe St.] — John O’Brien