Gerding Edlen Buys 420 East Ohio For $110M
We're six days into 2016 and there's already a nine-figure building sale. Gerding Edlen, which has been a very active buyer of late, is buying 420 East Ohio from Heitman in what is believed to be a $110M acquisition, Crain's reports.
Heitman put the 263-unit building on the market in October and positioned it as a value-add opportunity for prospective suitors. Heitman already renovated 121 apartments so 420 East Ohio could compete with other, newer Streeterville multifamily towers, but the remaining apartments make it an attractive rehab play. Gerding Edlen is paying $420k per unit.
Gerding Edlen bought 200 W Adams last October for $168M. The Portland-based developer also had cranes in the air; it just built Xavier, a 240-unit multifamily building near Cabrini-Green, and the 188-unit Jones Chicago in River North. [Crain's]