7 Aug. 2015-Multifamily Blog

7 Aug. 2015-Multifamily Blog


Wondering if the multifamily frenzy will slow down? We’re not seeing a dent in the activity. Here’s a look:

Bisnow2015’s hot multifamily housing market. Bisnow unpacks the biggest multifamily housing sales (thus far) in Chicago during 2015. The biggest sale? Heitman’s $328 million buy of OneEleven Apartment (111 W. Wacker) from Related, creating the highest price ever paid for an apartment building in Chicago. That’s $651 K per unit. The second largest sale was Burnham Pointe Apartments. Crescent Heights paid $126 million or $423 K per unit. Check out Bisnow for more.

New multifamily properties go green. This fall, Xavier, a new eco-friendly and sustainable apartment complex by Gerding Edlen will open in the former Cabrini Green area on Chicago’s north side. The 18-story building will feature a mix of sizes, from studio to two bedrooms, and plenty of sustainable features. Locally sourced materials and the energy efficient design should help achieve LEED Gold.

Pacific Northwest

Logo-CommercialPropertyExecutiveWant more eco-friendly multifamily? Try the Pacific Northwest. Construction on Atlas, a 98-resident development by SolTerra Systems, is slated to begin soon in Wash. Look for a 2K SF retail component as well. See
Commercial Property Executive
 for more. 
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Ryan Companies Starts 31-Story Multifamily Tower


Chicago Multifamily Update

new_building_day03_sm_withCredit-819x1024 smallMinneapolis-based Ryan Companies is starting construction on a 31-story, 373-unit multifamily tower, 833 North Clark Street Apartments, at the southeast corner of Clark and Chestnut Streets in Chicago. The project will be built on a 41,000-square-foot site that was purchased from U.S. Bank.

The development team, which includes Lincoln Properties, recently purchased the land parcel and closed on an $88 million construction loan with U.S. Bank For more news coverage, check out Crain’s Chicago Business and the Ilinois Real Estate Journal.


Avison Young, Peak Campus and Blue Vista Launch Vue53

Vue53 Aerial South smallest

Construction has started on Vue53, a 223,775-square-foot mixed-use project on 53rd St. in Hyde Park, near the University of Chicago. The project is part of the university’s efforts to transformation the 53rd St. corridor and bring needed housing and retail to the area. The development team hired by the university includes Avison YoungPeak Campus Development and Blue Vista Capital Management.

Check out this GlobeSt story for more from Avison Young’s James Hanson and Peak Campus Development’s Jeff Githens.