John Buck has hired JLL to sell a second apartment building in River North, taking advantage of rising rents even as the market remains sluggish.
The Chicago developer firm is seeking to sell the 25-story, 245-unit 3Eleven apartment building at 311 West Illinois Street, Crain’s reported. Buck has already secured a buyer for its 42-story, 402-unit Mila Chicago tower at 201 North Garland Court, though it isn’t clear when that sale will close.
Chicago has had a slow year in terms of big downtown apartment sales. Brokers told the outlet that many institutional investors are steering clear due to rising property taxes and a perception that the city has an anti-business attitude
Three apartment sales in downtown have surpassed $100 million so far this year. In one of the deals, an affiliate of Ontario’s Morguard paid $133 million for Echelon Chicago, a 39-story high-rise at 353 North Desplaines Street.
JLL doesn’t have an asking price for the River North building, which is 95 percent occupied. The 2021 tax bill on the property rose 24 percent from the previous year to $73.1 million. Rents range from $2,394 for a studio apartment to $5,872 for a three-bedroom unit.
Aside from 3Eleven and Mila, John Buck also owns the 586-unit Porte apartment complex in the West Loop through a joint venture with Lendlease. The company has also hired JLL to sell a 38-story office building at 33 North LaSalle Street.
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— Victoria Pruitt