October 13, 2016
Group Fox entered into a deal with LaSalle Investment Management to acquire the 615-unit Axis Apartments & Lofts in Chicago’s Streeterville area. Though a specific price was not released, media sources note that the property at 441 E. Erie St. could go for more than $200 million.
LaSalle acquired the property for $188 million in 2013, and also renovated the building, which includes 103,000 square feet of commercial space. So far this year, nine downtown multifamily properties have sold for a combined $1.1 billion.
As downtown apartment values continue soaring, many owners are cashing out of their investment, which has led to a surge in transactions. As such, sales volume for this year could exceed the $1.4 billion set in 2011.
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Tags: Apartments & Multifamily