Wolf Point West Owners Put Apartment Tower On The Market
Wolf Point West, one of the highest-profile downtown towers to be delivered in the past two years, is on the market. The Wolf Point JV by the Kennedy family and Hines hired HFF to market the 509-unit luxury apartment tower, according to Crain's Chicago Business.
Wolf Point West is one of three apartment buildings the Kennedy/Hines JV is building along the river. The second building, Wolf Point East, is under construction and was supposed to be a mixed-use project. Wolf Point West's success and the strong downtown multifamily pipeline led the developers to change the plans for the building to all apartments. The renderings for Wolf Point East, unveiled last October, show it rising 66 stories and containing 707 apartments.
The Kennedy/Hines JV is looking to sell for a few reasons. Downtown multifamily is a bull market after a record-shattering 2016. Finding a buyer for Wolf Point West would allow the development team to put more attention to Wolf Point East, and it would free up Chris Kennedy to focus on his bid for Illinois governor.