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CMK, which has been busy building multifamily in the South Loop, acquired a building from Columbia College Chicago whose site can accommodate the density needed for another apartment development, Crain's Chicago Business reports. CMK bought 1415 South Wabash Ave. for $6.5M, according to Cook County property records.
CMK has not released plans for the site, but multifamily is an educated guess given the firm's activity in the area. CMK opened a 305-unit apartment tower at 1333 South Wabash in August 2016 and sold it to The Habitat Co. for $125M in September. CMK and Lendlease are making fast progress on Riverline, a massive multifamily development on the Chicago River, between Harrison Street and Roosevelt Road.
For Columbia College Chicago, the sale continues the school's strategy of disposing of real estate assets and redeploying the proceeds into new development. The school, along with Roosevelt University and DePaul University, sold University Center, the largest student housing facility in Chicago, in May for a record $201M. Columbia College sold the landmark Johnson Publishing building to 3L Real Estate last month for $10M. The building will be converted into apartments.
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