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Chicago's Top 10 Multifamily Building Sales of 2015 (So Far)

The blistering hot real estate market hasn't been limited to office buildings in Chicago. Across the area, multifamily towers and complexes have sold in the eight and nine figures. Today we take a look at the biggest multifamily deals of the year to date.

1. OneEleven Apartments For $328.3M


Location: Central Business District

Price: $328.3M

Number of Units: 504

Sold: January

Price Per Unit: $651k

When Heitman bought the 60-story tower at 111 W Wacker from Related Cos, it marked the highest amount ever paid for an apartment building in Chicago. That's a nice return on Related's investment when they took over the former Shangri-La hotel site four years ago and delivered the project last year at a cost of $180M.

2. Burnham Pointe Apartments For $126M


Location: South Loop

Price: $126M

Number of Units: 298

Sold: June

Price Per Unit: $423k

Crescent Heights bought this 29-story tower from Monogram Residential Trust in June for $126M. It was a tidy profit for Monogram, which bought the building at 730 S Clark for $88M five years ago. Burnham Pointe started out as a condo development but the sale epitomizes how hot the South Loop residential submarket has become.

3. The Chicagoan For $104M


Location: River North

Price: $104M

Number of Units: 221

Sold: March

Price Per Unit: $470k

Planned Realty Group bought this 37-story building at 750 N Rush from a JV of Draper & Kramer, National Real Estate Advisers and the Wolback Family. Draper & Kramer built The Chicagoan in 1990 and has been working to upgrade the building's amenities to compete with new deliveries.

4. Wheaton 121 For $95.7M


Location: Wheaton

Price: $95.7M

Number of Units: 306

Sold: May

Price Per Unit: $313k

Invesco made a splash with the most expensive suburban sale on our list when they bought this complex at 121 N Cross in Wheaton from Morningside, which spent $63M developing the property.

5. JeffJack Apartments For $82M


Location: West Loop

Price: $82M

Number of Units: 190

Sold: July

Price Per Unit: $432k

LaSalle Investment Management bought this development at 601 W Jackson from a JV of architect Tom Roszak and tech exec Dan Moceri just last week. The building only opened in April, and Roszak and Moceri spent $65M to build JeffJack.

6. Circa 922 For $75M


Location: West Loop

Price: $75M

Number of Units: 149

Sold: June

Price Per Unit: $503k

Clarion Partners bought this development at 922 W Washington from a JV of Focus Development, Carlyle Group and Atlantic Realty Partners. Circa 922 includes a 10-story, 104-unit tower and an older 45-unit building.

7. Park Grove Apartments For $66.3M


Location: Mount Prospect

Price: $66.3M

Number of Units: 512

Sold: January

Price Per Unit: $130k

Buyers are looking to the suburbs for quality multifamily developments. Example: Home Properties' purchase of this development at 1821 W Golf from Shire Management Group. Home Properties plans to invest $14M in upgrades over the next four years.

8. Pensacola Place For $65.75M


Location: Uptown

Price: $65.75M

Number of Units: 264

Sold: April

Price Per Unit: $249k

Waterton Associates has big plans for this 18-story high-rise at 4334 N Hazel after buying it from RMK. Built in 1981, Waterton plans to upgrade the building's common areas and amenities and may even build more apartments.

9. Clover Creek Apartments For $54M


Location: Lombard

Price: $54M

Number of Units: 504

Sold: March

Price Per Unit: $107k

Another suburban multifamily sale, LivCor bought this development at 830 Foxworth Blvd from a JV of Golub and Praedium Group. Golub bought Clover Creek in 2010 for $49.5M.

10. The Meadows For $53M


Location: Lakemoor

Price: $53M

Number of Units: 496

Sold: March

Price Per Unit: $107k

Rounding out the list is our final suburban entry. Strategic Properties bought this complex at 450 Sullivan Lake Blvd from GE Capital, which obtained the property in 2013 from Jupiter Realty via a deed-in-lieu of foreclosure.