Marquette Companies, DWS Group List Chicago Multifamily Tower

Another high-end multifamily building in Fulton Market is hitting the market on the heels of the biggest apartment trade in Chicago since 2023.

The 263-unit Mason tower, at 180 North Ada Street, has been listed for sale by developers Marquette Companies and DWS Group, the real estate arm of Deutsche Bank, CoStar reported.

The owners hired CBRE’s John Jaeger, Justin Puppi, Jason Zyck and Danny Zeboski and Eastdil Secured’s Kenneth Glomb and Bryan Rosenberg to market the 14-story property, which was completed in 2019.

The asking price wasn’t disclosed. The listing comes just days after Fulbrix, a 375-unit tower at 160 North Elizabeth Street, sold for $170 million ($453,000 per unit) to New York-based Normandy Real Estate, marking Chicago’s highest-priced multifamily sale in nearly two years.

Marquette and DWS previously partnered on another nearby project, the 223-unit Catalyst at 123 North Desplaines, which sold earlier this year to Green Cities Company for $94 million.

Other recent high-dollar trades in the area include the 227-unit Parker Fulton Market, which sold for more than $93 million, and Arkadia West Loop, which fetched $113 million in its first U.S. multifamily investment for U.K.-based Legal & General.

The Mason’s amenities include a rooftop lounge, fitness center, coworking space and pool deck with private cabanas, plus 143 parking spaces. It’s also adjacent to Michelin-starred restaurants Smyth and Elske, a prime lifestyle perk in the fast-developing Fulton Market corridor.

The property was financed with a $54.7 million loan from Wells Fargo in 2022, according to Cook County records. Neither Marquette nor DWS has commented on pricing expectations for the sale.

Fulton Market remains a rare bright spot in Chicago’s investment sales landscape, where higher borrowing costs have slowed deal flow across most other submarkets.

Recent trades suggest investor appetite for high-quality, stabilized assets in the district remains strong, especially as rental demand continues to outpace supply in the neighborhood.

For Marquette, the listing also continues a broader strategy of capitalizing on high pricing in Fulton Market. In 2022, it sold the 243-unit Evo Union Park for more than $103 million to Pacific Life Insurance.

— Judah Duke