Chicago’s multifamily investment sales market heats up

L&B Realty’s 304-unit River North tower is latest rental on offer amid rising demand

Chicago /
Sep.September 16, 2021 02:39 PM
77 W. Huron Street in Chicago (Google Maps)

77 W. Huron Street in Chicago (Google Maps)

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.

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






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