Multifamily Momentum Swells as Chicago Buildings List

In a lagging market for apartment complexes across Chicago, three separate buildings are now up for sale in what could be a sign of momentum across the city.

The three complexes, first reported by Crain’s, are Next, a 310-unit tower at 347 West Chestnut Street in River North; SoNo East, with 324 units in Lincoln Park; and Eight Eleven in Uptown.

SoNo East’s owners, New Jersey-based PGIM Real Estate, bought the property at 840 West Blackhawk Street in 2012. The $126 million asking price is around $21 million more than PGIM’s original purchase price, per the outlet.

Next owners Fifield Companies are asking for $135 million. The two buildings are expected to be among Chicago’s largest apartment complex sales this year.

Next is being put on the market for the first time. Chicago-based Fifield constructed the property in 2016, and refinanced for $95 million in 2018. Newmark brokers Susan Lawson, Liz Gagliardi and Chuck Johanns are marketing all three properties.

The two high-profile listings, Next and SoNo East, both have above 94 percent occupancy. PGIM also listed Eight Eleven, which was refinanced in 2023 with an $81.2 million mortgage. There was no asking price for Eight Eleven listed, according to the outlet. Trader Joe’s is set to move into the ground-floor retail portion of that apartment complex at 811 West Agatite Avenue.

This month has seen an uptick in Chicago area apartment complexes listed. R.I.G. Capital snagged an O’Hare area apartment complex from Brookfield Asset Management for $167 million in what is the biggest Chicago area apartment complex purchase of 2026 thus far. R.I.G. also owns residential properties Waterford Estates, West Loop Tower, Sterling Tower and other properties in Chicago. Office space titan Tishman Speyer also listed their 357-unit Fulton Market location earlier in May after just three years of ownership.

— Hunter Cooke