Streeterville apartment building expected to sell for $35M
Property has hit the market without an asking price
A high-rise apartment building in Streeterville that houses one of Chicago’s oldest taverns has hit the market – without an asking price.
Located in the Chicago neighborhood with the highest median household income, the 172-unit Canterbury Court Apartments at 1220 North State Parkway is expected to sell for up to $35 million, the Chicago Business Journal reported.
“The marketplace will establish the pricing via their offers,” said Lee Kiser, whose Kiser Group is representing the owner. “We expect the asset will trade between $32 and $35 million.”
The seller has owned the 16-story building, which is 96 percent occupied, for the last 48 years and is selling to retire.
Built in 1928, the building was originally a hotel. It consists of 143 studios, 26 one-bedrooms and three two-bedrooms. Its ground floor houses the Zebra Lounge piano bar, which opened in 1929 and is Chicago’s fourth-oldest bar.
“The buyer has an opportunity to invest in a piece of Chicago history,” said Kiser’s Andy Friedman. “Many of the original features from 1928 have been carefully preserved and maintained, providing the option to continue current operations or renovate and reposition the asset.”
According to the latest census, the median household income for Streeterville is $125,000, compared with a median $62,000 for the city of Chicago.
[CBJ] — Victoria Pruitt