Developer Lists Site Where It Planned 25-Story Apartment Tower: The Chicago Deal Sheet
Quarterra, the apartment development arm of national homebuilder Lennar, hired brokers to market the 27K SF site that was initially planned for a 25-story apartment tower at 410 S. Wabash Ave., Crain's Chicago Business first reported.
The developer revealed plans for a 344-unit apartment complex in 2019 and has spent $2M preparing the South Loop site for construction. The zoning for the site allows a developer to build up to 399 market-rate units, with no affordable housing requirement.
The listing doesn’t include an asking price, but Quarterra paid nearly $18.3M for the site in 2019.
PEOPLE
@Properties Commercial added two new brokers, Cavan Finn and Jason Schrik. Finn previously worked at LoopNet and TenantBase, and Schrik comes to the company following a decade in the restaurant industry.
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Kiser Group hired Ari Skolnik and Andrew Smart as associates, with Skolnik focusing on multifamily investments in Milwaukee and Smart focusing on the senior housing sector.
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ML Realty Partners made a pair of internal moves, promoting Kevin Donohoe to acquisition director and naming Tracy Albrecht leasing manager. Donohoe will now oversee all Chicago acquisitions, and Albrecht will be responsible for leasing a portion of the Chicago portfolio.
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Vocon is opening a new Chicago office at 730 N. Franklin St. and tapping Sophie Bidek to lead it as studio director. Bidek will grow Vocon’s existing Chicago-based team of six design professionals as the firm positions the office as a strategic hub.
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Cushman & Wakefield added Heidi McClenahan as executive managing director for project and development services, overseeing 10 U.S. markets and Canada. McClenahan has more than 25 years of industry experience spanning architecture, construction and real estate. She will be based in the firm’s Chicago headquarters.
SALES
Standard Real Estate Investments and The Vistria Group acquired Fox Valley Villages, a 420-unit rental community in Naperville, for $93.2M. The community has 208 one-bedroom and 212 two-bedroom units and an occupancy rate of 97%. The joint venture plans to preserve long-term affordability for more than half of the apartments in the community.
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Highlands Vista Group purchased Renaissance at Carol Stream, a 293-unit apartment community in Carol Stream, for $54M from Bender Cos. The property features 17 buildings with a mix of one- and two-bedroom apartments averaging 883 SF. JLL's Kevin Girard, Mark Stern and Zach Kaufman represented the seller.
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An undisclosed buyer paid $2.5M for a 12-unit multifamily building at 1634 W. Thorndale Ave. in Edgewater. The property has six one-bedroom and six two-bedroom units. Marcus & Millichap's Steve Rachman, Kyle Stengle and Ben Sacor marketed the property on behalf of the seller and procured the buyer.
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An unnamed investor purchased a 12-unit multifamily property at 241-243 N. Homan Ave. in East Garfield Park for just over $1M. Kiser Group's Jack Petrando and Noah Clark brokered the deal.
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A private investment firm bought 1350-1352 N. Cleveland Ave., a six-unit apartment building in Old Town, for nearly $3M from Highland Real Estate Partners. The building was fully occupied when it was sold. Interra Realty's Brad Feldman represented the seller.
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Azora Private Solutions purchased 660 N. Wells St., a 13K SF retail property in River North. This sale marks the building’s first change in ownership in more than four decades. The three-story building is also home to the first Hooters restaurant in the Chicago area. CBRE’s Dominic Soltero and Tom Svoboda represented the private seller.
CONSTRUCTION AND DEVELOPMENT
McHugh Construction started work on the office-to-residential conversion of Wacker Place, a 25-story, 248K SF art deco tower at 65 E. Wacker Place. Built in 1928 as the Millinery Mart Building, the property will be transformed into 252 apartments across the fourth through 24th floors. Mavrek Development and Acres Capital closed more than $90M in financing to launch the project.
FINANCING
Associated Bank completed a $21.1M construction loan for Wildwood Investments and Concord Capital to convert a 94K SF office and retail building at 230 E. Ohio St. in Streeterville into 72 multifamily units. The seven-story property will offer a mix of studio, one- and two-bedroom units with an average size of 811 SF. Construction is expected to be completed in December 2026.
