NKF reports that the joint venture was drawn to the property's prime location near healthcare and educational institutions with a strong workforce making it an excellent investment while mitigating any potential market disruption. The new owners are planning several property upgrades and has retained Lincoln Properties to manage the asset.

The property is near Northwestern Memorial Hospital, the University of Chicago Medicine and NBC Studios with a local workforce that consistently drives the asset's high occupancy rate. Cityfront Place's location in the Streeterville submarket of Downtown Chicago also adds to its desirability, near to eclectic bars, restaurants, retailers and entertainment venues, NKF adds.

"This transaction is an important victory for the new joint venture given the property's planned high-quality improvements and its coveted location near potential employers, neighborhood amenities and landmarks," Han says. "The timing for the purchase is incredibly fortunate for the new partnership as we were able to secure exceptionally favorable debt terms for this coveted multifamily investment."

The law firm Saul Ewing Arnstein & Lehr represented the purchasers in the transaction. The firm's real estate partners Barry Katz, Kate Gilligan and Roy Bernstein handled the sale that involved more than six months of work that included navigating what the law firm states were "numerous unprecedented challenges arising from the COVID-19 pandemic and the resulting economic conditions."