Greystar Eyes 100M-Plus Exit from Fulton Market

The country’s largest apartment owner is testing investor appetite in one of Chicago’s tightest rental pockets.

Greystar put its 21-story, 223-unit One Six Six apartment building in Fulton Market up for sale, with pricing expected between $100 million and $110 million, according to sources familiar with the offering. Crain’s reported that the Charleston, South Carolina-based firm tapped JLL to market the property, which it completed in 2023 at 166 North Aberdeen Street.

The listing, according to JLL marketing materials, could mark one of the larger multifamily trades in the neighborhood this year, as institutional capital continues to circle Fulton Market.

Recent comps highlight the area’s staying power. Atlanta-based Amli Residential paid $135 million for the 275-unit Milieu apartments at 205 South Peoria Street, while Waterton acquired the 263-unit Mason apartments at 180 North Ada Street for $90 million. Those deals have helped establish a pricing floor in a district that has rapidly evolved from meatpacking hub to one of the city’s most in-demand live-work-play enclaves, according to the outlet.

One Six Six is 95 percent leased, according to JLL, reflecting strong absorption even as new supply has come online downtown, according to the publication. Greystar also refinanced the building with a $62 million loan last year, suggesting confidence in the building’s income capability ahead of a potential exit.

The sale comes as new construction remains constrained and rents rise. Class A apartment rents in downtown Chicago jumped 8.6 percent, year-over-year, in the fourth quarter, according to Integra Realty Resources, as elevated construction costs and financing challenges continue to limit new starts.

While about 800 units are slated for completion in 2026, the pipeline remains relatively muted — and notably thin in Fulton Market itself, where just one project is expected to come online. That scarcity has made stabilized apartment buildings such as One Six Six particularly attractive to buyers seeking scale in high-barrier submarkets.

— Eric Weilbacher