PGIM Sells SoNo East

PGIM sold a 324-unit Lincoln Park apartment tower for just shy of its $126 million asking price last week.

The Newark, New Jersey-based investment giant, the asset-management arm of Prudential Financial, sold the SoNo East Apartments for $125.2 million to Austin, Texas-based RPM Living, public records show. The per-unit price for the high-rise at 840 West Blackhawk Street comes out to about $386,000 but ground floor commercial space slightly skews that figure.

PGIM played the long game with the SoNo East property after buying it for $105.3 million in 2012.

Meanwhile, RPM Living has been expanding its Chicago portfolio with recent purchases in the area.

In March, the Texas-based investor purchased the 294-unit Orland Ridge apartment complex, about 30 miles southwest of Downtown Chicago for $102 million.

Orland Ridge, at 16966 Pond Willow Drive, represents the burgeoning build-to-rent sector, which features single-family style homes or townhouses operated as long-term rentals.

Representatives of RPM Living and PGIM did not immediately respond to requests for comment.

Chicago’s apartment market has been out performing markets across the U.S. over the past few years, mainly because of a historic dip in new supply.

Earlier this year, data analyzed by Marcus and Millichap indicated that by the end of 2026, Chicago would deliver the lowest number of new units since 2012. Less than 4,000 new units will be completed this year, according to the report.

Last year, Chicago OK’d more than 4,900 new housing units across the city, an almost 15 percent year-over-year increase, an analysis from TRD Data found. However, both 2024 and 2025 lagged 2023, which saw the approval of some 9,500 units across the city.

As a result, rent growth is surpassing many other U.S. markets. Chicago led all major U.S. metros in rent growth this fall, with typical asking rents up 6 percent year over year.