Another Sale Inches Downtown Multifamily Closer To New Record
With another nine-figure Streeterville deal, downtown multifamily asset sales volume will most certainly set a new record when 2016 ends. LaSalle Investment Management sold Axis Apartments & Lofts at 441 East Erie to Group Fox's Bill O'Kane, in a deal believed to be north of $200M.
The question now isn't if downtown multifamily sales will set a new record, but has it already happened? The top 10 multifamily sales of the first half of 2016 ended with $1.9B in volume; downtown sales alone accounted for $1.1B. The pace hasn't slowed as we reach year's end: in the past week, Golub acquired One East Delaware from Waterton in a $145M deal and Greystar went under contract to buy 1401 South State St from Marquette for $92M.
LaSalle put the 60-story Axis on the market in April. It bought the building for $188M in 2013 and completely renovated it, Crain's reports. The record for downtown multifamily transaction volume: $1.43B, set in 2011. [Crain's]