(To read more on the multifamily market, click here.)
CHICAGO-A 213-unit multifamily rental building in Streeterville has been sold to Burr Ridge-based Vilas Development Corp. for $47.5 million. More impressive than the $223,385 price per unit, the deal was done at a 4.59% capitalization rate, according to Marcus & Millichap Real Estate Investment Brokerage Co.
The sale is not the only multifamily deal in the Streeterville neighborhood. Two blocks north, the 88-unit DeWitt Place building sold for $10.75 million.
The 27-story building at 222 E. Pearson St. is less than a block east of Water Tower Place and the Ritz-Carlton Hotel. It also is one block west of Lake Shore Drive, and across the street from the Museum of Contemporary Art and Lake Shore Park. "This high rise is a first-class multifamily property, one which will forever enjoy unobstructed views of the lakefront," explains senior investment associate Donald Wenzel Jr., who represented both parties. "It is the last luxury high-rise rental building in an unparalleled location."
Likewise, 900 N. DeWitt Pl. proved to be a location coveted by both multifamily operators and condominium converters, says Marcus & Millichap vice president/investments Eric Bell, who brokered the deal with Shaun Buss and Michael Marks. The 81-year-old building includes 83 studios, 35 of them furnished.
Built in 1963, many of the studio, one-bedroom, two-bedroom and three-bedroom apartments at 222 E. Pearson St. had renovations to kitchens and bathrooms in 2001, shortly after Pearl Associates bought the building.
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