Chicago’s multifamily investment sales market heats up

The Chicago apartment market is heating up.

L&B Realty Advisors’ 304-unit River North tower has hit the market, the latest in a flurry of downtown apartment complexes that have listed in recent months.

The firm is marketing West77, its 25-story tower at 77 W Huron Street, according to Crain’s.

The price was not disclosed, but an L&B affiliate acquired the complex a decade ago for $90 million, the report noted. The tower has studio- to two-bedroom units and includes a fitness center, a sauna, an indoor pool and a basketball court.

Chicago’s multifamily investment sales market has rebounded after its Covid low, when residents fled the city and occupancy rates plummeted.

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As demand has returned and rent prices have ticked up, property owners are testing the waters.

Other big apartment complexes to hit the market in downtown Chicago include the 548-unit Shoreham in Lakeshore East, the Bernardin in River North and 1407 on Michigan.

Meanwhile, the 1,061-unit McClurg Court Center in Streeterville, which hit the market in January, sold for $175 million in July. It is now known as Arrive Streeterville.

[Crain’s] — Victoria Pruitt