Shapack Partners Puts Fulton Market Apartment Tower On The Market
The Parker, Shapack Partners' 227-unit luxury apartment tower at Lake and Halsted streets, opened last summer, but Shapack and Focus Development (its partner in the project) are hoping its location and the prices commanded by sellers will lead to a fast and big return on investment in the market it helped build. Shapack hired CBRE to market The Parker to potential buyers, according to Crain's Chicago Business.
The Parker hit the market as minimal apartment rent spreads in the downtown core and a pipeline that will deliver more than 6,500 units in downtown submarkets this year have observers concerned about a softening in the multifamily market. Shapack hopes The Parker's Fulton Market location and rampant investor interest for Class-A assets in the market will lead to a huge payday. The firm is also expecting a boost from major projects like Sterling Bay's McDonald's HQ construction, Fulton West and McCaffery Interests' Twelve01West.
CBRE marketing materials indicate the average apartment rent in The Parker is $3.27/SF and it is 91% occupied with an average of six new residents moving in each month. Another factor in Shapack's favor: The Parker is one of the rare Fulton Market multifamily projects on the market.