July 24, 2017
Early Bird Alert: Connect Apartments is planned for September 28th in Los Angeles. Here’s where to get more information and register.
Toronto-based Morguard North American Residential Real Estate Investment Trust acquired Coast at Lakeshore East, a 45-story, 515-suite apartment building in Chicago, for $222.5 million. The deal is Chicago’s largest single multifamily sale so far in 2017.
The urban high-rise rental project was completed in 2013 as part of Magellan Development Group’s Lakeshore East, a 28-acre master-planned mixed-use development that overlooks the Chicago River, Millennium Park and the Chicago skyline. Located at 345 E. Wacker Dr., the property is a LEED Silver candidate and offers 19,000 square feet of amenity space, as well as 18,000 square feet of retail.
CBRE’s John Jaeger, Dan Cohen and MJ Zaring brokered the disposition, on behalf of a JV between Magellan and institutional investors advised by J.P. Morgan Asset Management. CBRE’s Peter Marino and Molly Green arranged a $122.5-million fixed-term, eight-year loan, with an interest rate of 3.49% for the acquisition.
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