CA Ventures putting 320-unit South Loop apartment complex up for sale
The developer is looking to cash out as the neighborhood rental market gets more crowded
CA Ventures is looking to sell its just-completed 320-unit apartment complex in the South Loop.
The Chicago-based company didn’t say how much it’s asking for the for the 26-story, Solomon Cordwell Buenz-designed tower at 1140 South Wabash Avenue, according to Crain’s.
But fellow developer CMK Companies last year sold a comparably-sized 305-unit building two blocks down the road, at 1333 South Wabash Avenue, for $125 million, according to Crain’s.
CA and co-developer Keith Giles financed the project in 2016 with a $51 million construction loan.
The building includes a mix of studios, one-bedrooms and two-bedrooms renting from $1,492 to $3,216. It is 88 percent leased, according to CBRE, which has been hired to market it.
Thousands of residential units are currently in the pipeline in the South Loop, including a project three blocks away from the CA building from CMK that’s set to add 261 new apartments and Crescent Heights‘ NEMA Chicago, formerly known as One Grant Park [https://therealdeal.com/chicago/tag/one-grant-park/], which will add 800 luxury apartments when it opens at 1200 South Indiana Avenue next year.
And things only stand to get more crowded if several different developers visions for the South Branch of the Chicago River come to fruition. Lendlease’s Southbank, CMK’s Riverline and Related Midwest’s The 78 together could add tens of thousands of new residential units to the neighborhood.
Lendlease already debuted the 452-unit The Cooper at Southbank, and the separate Alta Grand Central project from Wood Partners and D2 Realty was just cleared to add 346 more next door.
The surge in inventory so far hasn’t hurt investors overall, though: An Integra Realty Resources report last month showed Downtown rents hit a record high $3.18 per square foot this year.
Meanwhile, CA’s office branch is also reportedly closing in on a 300,000-square-foot lease with CDW at its newly-built office tower at 625 West Adams Street. [Crain’s] — Alex Nitkin