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Streeterville Building Sells at 4.6% Cap Rate

CHICAGO-The 213-unit multifamily rental building at 222 E. Pearson St., less than a block east of Water Tower Place and the Ritz-Carlton Hotel, changes hands in a $47.5-million deal. Two blocks north, the 88-unit DeWitt Place building commands $10.7 million in a separate deal.

By Mark Ruda | Updated on July 19, 2005

(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.

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