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Streeterville Apartment Tower Sells For $240M


Invesco paid $240M for a new 50-story apartment tower in Streeterville.

The $640k average price per unit is the third-highest ever paid for a Chicago apartment building, according to Crain's. This deal and recent sales such as Gerding Edlen's $110M purchase of 420 E Ohio and Crescent Heights' interest in buying North Harbor Tower for a reported $200M indicate 2016 may be a record year for downtown apartment sales.

The 398 apartments at 340 E Water were delivered by Convexity Properties along with the Loews Hotel. Convexity sold the hotel to Loews for $156M in the top grossing hotel sale of 2015. [Crain's]