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RREEF Pays $93,902 Per Unit For Taylor Place

CHICAGO-The national pension fund adviser based here and in San Francisco beats out seven other bidders with a $38.5-million contract in a whirlwind 14-day marketing period for the 410-unit Near West Side multifamily rental property.

By Mark Ruda | Updated on November 12, 2001

CHICAGO-A 410-unit Near West Side apartment building has been sold for $38.5 million, as well as what is believed to be a record $93,902 per unit for a class C multifamily property in the submarket. Marcus & Millichap’s Kiser Group here found fielded eight offers in 14 days for the property formerly owned by CMS Inc. of West Chicago, IL, the winner being national pension fund adviser RREEF.

CMS Inc. was involved in a Section 1031 exchange. The Taylor Place Apartments traded at a 6.24% capitalization rate even though RREEF plans significant interior improvements to the 29-year-old property, which was 98% occupied.

“Because Taylor Place is unique in its submarket, we were able to demonstrate to the buyer that with renovation and repositioning, as an investment, it has tremendous upside potential,” says Lee Kiser, senior director of Marcus & Millichap’s national multi-housing group.

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