A San Francisco investment firm is paying US$190 million for a new 56-story luxury apartment tower along Grant Park, the biggest Chicago multifamily sale of the year, according to a report.
Iconiq Capital is buying Essex on the Park, a 479-unit high-rise at 808 S. Michigan Ave., from the development joint venture that built it, according to Real Estate Alert, a trade publication. The venture between Chicago-based Oxford Capital and Quadrum Global, which has offices in New York and Miami, completed the project in spring 2019, one of three big South Loop apartment towers to open last year.
The article provides some perspective on the background, but unless you're in the real estate game it probably will go over your head (it did ours!).
In some perspective, it's nice to see that high-profile buildings in the neighborhood can fetch a hefty sum - but we don't know what to make of this. Does anyone else?
Of interest, the Essex Inn Hotel is not part of the deal - so should be interesting to see if the original builders hold onto that part of the asset (that said, it's probably harder to sell a hotel during the pandemic).
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