Zurich Insurance Buys West Loop Multifamily Development
Foreign investors remain bullish for quality multifamily properties. Zurich Insurance bought Gateway West Loop, a 167-unit building at 11 S Green in Fulton Market from developers Lennar.
An exact price was not listed, but Crain's reports the per-unit price was $500k, placing the total near $84M. Zurich must love the long-term prospects for the property; Gateway is only 83% occupied.
Gateway's rents average $3.23/SF, making this one of downtown's most expensive multifamily properties in which to live. [Crain's]