The recently developed mixed-use multifamily property is home to 59 apartments and 13,979 square feet of ground-floor retail space.
Jason Stevens and Todd Stofflet of Cushman & Wakefield represented Fifield Companies in their sale to a private, international investor. The fully amenitized asset, which includes studios, one-, two-, and three-bedroom units, was 92 percent occupied at the time of sale. The building was completed by Fifield Companies in 2016 and is one of the few Class A assets in West Town.
“We were very excited to represent such an iconic developer in Chicago,” said Stofflet. “The unique execution included an international buyer and an assumption of Agency financing.”
“Although we cannot comment to specific pricing, the price per unit for the asset was around $525,000, which represents one of the top sales prices in the neighborhood,” added Stevens.
Cushman & Wakefield’s Multifamily Group is wrapping up a marketing campaign on a similar mixed-use Class A property at nearby 1313 W. Randolph in the West Loop’s Fulton Market District.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.