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Archstone-Smith Picking Up 304 Units Downtown

CHICAGO-Part of the $1.5-billion, 10,000-unit deal with Oakwood Worldwide, 77 W. Huron St. will give the Denver-based multifamily REIT more than 4,000 units in the market, 2,872 of them in five River North and Streeterville buildings.

By Mark Ruda | Updated on April 27, 2005

CHICAGO-Calling the local market a “laggard” among the other major metropolitan areas it owns multifamily rental properties, Denver-based Archstone-Smith is adding a single 304-unit River North building to its portfolio here. The addition of 77 W. Huron St. is part of the $1.5-billion deal with Oakwood Worldwide, which will add about 10,000 units to Archstone-Smith’s portfolio.

The 25-story building at 77 W. Huron St. will give Archstone-Smith more than 4,000 units in the market, 2,872 of them Downtown. The building, constructed in 1988 and acquired by Oakwood Worldwide in 1999 for $50.9 million, five properties in the River North and Streeterville neighborhoods north of the Loop when the portfolio sale closes this summer. Archstone-Smith already owns the 1,058-unit McClurg Court Center at 333 E. Ontario St., 806-unit One Superior Place, 399-unit River North Park at 320 W. Illinois St. and 305-unit 1 E. Delaware St.

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