Joe Mansueto paying $100M+ for iconic Lincoln Park apartment complex

Morningstar founder is buying Belden-Stratford apartments, months after Wrigley Building purchase

Chicago /
Nov.November 09, 2018 12:00 PM

PGIM CEO David Hunt, Joe Mansueto, and 2300 North Lincoln Park West (Credit: PGIM, Morningstar, and Pearson Realty Group)

Billionaire Joe Mansueto has added another iconic Chicago property to his growing portfolio.

The Morningstar founder is buying the Belden-Stratford apartments in Lincoln Park for more than $100 million, just months after purchasing the historic Wrigley Building.

For his latest acquisition, Mansueto will purchase the 16-story, 297-unit Beaux Arts building at 2300 North Lincoln Park West from PGIM Real Estate, according to Crain’s. Mansueto first tried to buy it back in 2013, but was outbid by PGIM.

The deal comes five months after his new real estate business, Mansueto Properties, acquired the Wrigley Building at 400-410 North Michigan Avenue, for about $255 million.

The Belden-Stratford building, which is on the National Register of Historic Places, is nearly fully occupied. Rents range from $1,235 per month for a studio to $3,291 for a three-bedroom apartment.

Mansueto founded global investment firm Morningstar in 1984 and stepped down as CEO in 2017. He now serves as executive chairman. Forbes magazine estimates his net worth at $3.6 billion.

His acquisition of the Belden-Stratford building comes as the Chicago apartment market is seeing steady occupancy and rent growth, despite a surge in new inventory being delivered. [Crain’s] — John O’Brien

 

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