Related Sells OneEleven Tower for $328M

CHICAGO—The downtown multifamily market continues to set records. Related has just sold OneEleven, its 60-story apartment tower at 111 W. Wacker Dr. to Heitman for over $328 million. At $651,000 per unit, Related officials say it is the highest amount ever paid for a Chicago apartment building.

The previous owner of the site at Clark St. and Wacker Dr. had already begun construction on the proposed 90-story Shangri-La hotel and condominium tower when the onset of the recession halted construction. Related took over the site just a little over three years ago after the partially constructed base of the building had sat untouched for several years. Related redesigned the site as 504 units of luxury rental housing, redeveloped the property and began leasing last spring.