LG Group Lists Apartments in Chicago’s Hot Fulton Market

Chicago developer LG Group is testing the city’s white-hot rental market, listing its newly built Fulton Market high-rise for sale.

The firm is seeking a buyer for Arthur on Aberdeen, a 19-story, 363-unit apartment building at 210 North Aberdeen Street completed earlier this year, according to JLL marketing materials first reported by Crain’s. It is being marketed by brokers Mark Stern, Kevin Girard and Zachary Kaufman. The asking price wasn’t disclosed.

The listing comes as a growing number of downtown landlords move to cash in on strong rent growth and tightening supply. Several high-end buildings recently hit the market, part of a wider thaw in Chicago multifamily investment as interest rates stabilize and investor appetite rebounds.

Fulton Market, one of the city’s priciest rental districts, has been a magnet for recent trades. Chicago-based Waterton paid nearly $90 million for a 14-story property at 180 North Ada Street, while a New York investor shelled out $170 million for the Fulbrix Apartments at 160 North Elizabeth Street.

An LG venture landed a $94.2 million construction loan for Arthur on Aberdeen in 2022, Cook County records show. The property includes about 10,000 square feet of fully leased retail space. LG CEO Brian Goldberg said the building could draw strong interest from buyers seeking value relative to coastal markets. Apartment rents in the Fulton Market neighborhood start at about $1,900 a month.

“Investors are seeing a disconnect in pricing between Chicago and metros like L.A., Nashville or Florida,” Goldberg said. “There’s a discount here, but also more upside because of limited supply.

Downtown’s top-tier apartment rents have surged 6.4 percent year-over-year as of the second quarter, according to Integra Realty Resources, which might point to why developers like LG are looking to sell into momentum.

— Eric Weilbacher