Here are Chicago’s top multifamily sales
of March

More than $330 million was spent on the five biggest sales, the highest monthly total of the year so far
By Joe Ward |
Research by Haru Coryne
April 25, 2019 01:03PM

From top left, clockwise: CA Ventures CEO Tom Scott and 1140 South Wabash, Magellan president David Carlins and Aqua Tower, and Avanath Capital CEO Daryl Carter and 551 West North Avenue

Ares Management’s purchase of a majority stake in the apartment portion of Aqua Tower was the priciest multifamily investment sale in March.

The management’s fund’s $190.5 million investment in the tower marked the biggest multifamily sale since the Church of Latter-Day Saints in August paid $175 million for a nearly 400-unit South Loop high rise. It also accounts for more than half the $330 million spent on March’s five biggest multifamily sales.

March’s second-biggest multifamily deal involved CA Ventures, which sold its newly delivered South Loop complex to Diamond Realty Investments for $117 million. CA Ventures also recorded the priciest multifamily sale of February, when it offloaded its 227-unit Kenect apartment complex to Newcastle Limited for $85.5 million.

The $330 million spent on March’s biggest multifamily sales easily eclipses the $239 million spent on the five biggest sales in February and the $115 million spent in January.

All information comes from Cook County property records.

1. Aqua Tower | $190.5 million

Ares Management bought out JPMorgan Asset Management’s majority steak in the rental portion of Jeanne Gang’s futuristic tower in Lakeshore East for $190.5 million. The 86-story tower at 225 North Columbus Drive contains 474 apartments, 224 condos and a 334-key Radison hotel, with each section owned by separate entities. JPMorgan in 2010 paid $182 million for its majority stake in the apartments, but hired JLL in September to market it. Magellan Development Group, which developed the tower, still holds a partial stake in the rentals.

2. 1140 South Wabash Avenue | $117 million

A month after selling off its Kenect complex in River West, CA Ventures also shed its South Loop rental building for $117 million. Buying the recently delivered complex is Diamond Realty Investments, which is the real estate arm of car manufacturer Mitsubishi. The deal is Diamond Realty’s first in Chicago. CA delivered the complex known as Eleven40 in 2018 and had it 90 percent leased after four months.

3. 551 West North Avenue | $15.5 million

California-based affordable housing investors Avanath Capital Management paid $15.5 million for the 59-unit Renaissance North complex in Old Town. Developed and sold by Chicago firm Renaissance Companies, the complex has a contract with the Chicago Housing Authority requiring at least 18 units be set aside for public housing tenants. The deal is part of Avanath’s massive expansion in Chicago. Since buying the Old Town building, the firm paid $28.3 million for a 156-unit affordable complex in Uptown.

4. 4625 South Drexel Boulevard | $4.2 million

Investor Raphael Lowenstein picked up this three-story Washington Heights rental complex for $4.2 million. Built in 1927, the building contains 62 units, with 45 of them studios. Selling the property was Jamie Glascott and Brett Summers, principals at NOVO Properties.

5. 4911 North Whipple Street | $3.15 million

Investors Fred Jung and Edward Stern acquired this three-story complex in Ravenswood for $3.15 million. The three-story building includes 15 one-bedroom units, five two-bedrooms and five three-bedrooms and was built in 1927, according to Apartments.com. Selling the property was Rraim and Mefail Murtishi.