RPM Living Makes $125M Apartment Buy: The Chicago Deal Sheet
RPM Living acquired a 324-unit apartment tower at 840 W. Blackhawk St. in Lincoln Park for $125.2M from PGIM.
PGIM netted a slight gain on the SoNo East Apartments after scooping up the building for $105.3M in 2012. The purchase is the third this year for RPM Living, which snagged the Grand Central apartments in the South Loop for $104M in late May and paid $102M for a 294-unit Orland Park rental home community in March, according to Crain's Chicago Business.
The multifamily investment market has been booming at the start of the year.
Investors spent about $1.9B on Chicago-area multifamily properties in Q1, a 116.6% increase from the same period in 2025 and the second most of any U.S. market after just the New York metro area.
PEOPLE
Kurv Industrial appointed Greg Scovitch as executive vice president, development. Based in the firm’s Chicago headquarters, Scovitch will lead Kurv’s national development platform, overseeing pipeline execution and long-term development strategy across key U.S. markets.
SALES
A local family real estate operator paid $3.2M for 1710 W. Lunt Ave., a 12-unit multifamily building in Rogers Park. The property was 92% occupied at the time of the sale. Interra Realty's Brad Feldman represented the buyer, while Interra's Joe Smazal and Mark Dykstra represented the seller.
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Vital Truck & Van bought a 24K SF industrial property at 301 Ramona Ave. in Elgin from AC Rental for an undisclosed price. Brown Commercial Group's Jim Pietrarosso and Dan Brown represented the seller, while CBRE's Matt Mulvihill and Clayton Thorson represented the buyer.
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An undisclosed buyer scooped up a mixed-use property with 66 multifamily units and five first-floor retail spaces at 6701-6723 South St. in Tinley Park. The building, constructed in 2021, includes a mix of one- and two-bedroom units and 73K SF of retail. Marcus & Millichap’s Ryan Engle and Andrean Angelov marketed the property on behalf of the seller and procured the buyer.
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A Texas-based company bought a 916-unit Public Storage property at 5251 N. Kedzie Ave. in Chicago. The 73K SF building was completed in 2024. Marcus & Millichap’s Jeffrey Herrmann and Sean Delaney represented both parties in the deal.
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Altitude Capital Partners, in partnership with Shanna Collective, acquired 1447 N. Dearborn St. for $10M. The acquisition marks the start of a major redevelopment that will transform the historic Gold Coast property into luxury condominiums. Interra Realty's Max Grossman represented Altitude in the deal.
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High Street Logistics Properties closed on two land sites in the Chicago suburbs for speculative industrial development. The company scooped up 9 acres at 3900 Finley Road in Downers Grove and 9.5 acres at 3080 Bilter in Aurora. High Street broke ground on Finley in late June and will be breaking ground on Bilter later in July.
CONSTRUCTION AND DEVELOPMENT
Focus topped out construction at 1221 W. Washington Blvd., a mixed-use tower in Fulton Market. Designed by Pappageorge Haymes, the 19-story, 286K SF Class-A luxury development is set to deliver its first units in January 2027. Once complete, the development will include 287 apartment units and ground-floor retail space.
THIS AND THAT
Yard 1 completed the acquisition of Original Concrete Pumping Service, marking its seventh acquisition in just three years. The acquisition expands Yard 1's Midwest footprint and advances its long-term strategy of building a platform to serve contractors, developers and infrastructure projects at scale.
