In perhaps the surest sign yet that Chicago multifamily real estate is shifting focus from construction to dispositions, CIM Group has retained Eastdil Secured to seek a buyer for Marquee at Block 37, the 690-unit apartment tower atop the Block 37 shops downtown. A sale of Marquee could be the biggest for a Chicago multifamily property in a decade, Crain's Chicago Business reports.
CIM Group and its partner in Marquee, Morguard, are believed to be seeking $600K/unit. That would be a total sale price of $414M for a building that opened last June. If CIM can get that price, it would be the largest multifamily deal since Presidential Towers sold for $475M in 2007. Golub, CIM's longtime Chicago partner, handles Marquee's leasing and property management. The building is 84% leased.
Marquee is the crown jewel in a growing list of new downtown and downtown-adjacent apartment buildings to hit the market in recent weeks, including Shapack Partners' The Parker in Fulton Market, Wolf Point West, Jones Chicago and Akara Partners' Kenect. The five buildings total 1,795 apartments for sale. How quickly these assets can find buyers will determine how much momentum remains in the downtown multifamily pipeline.
CIM Group has been busy of late. It put the office portion of 625 North Michigan Ave. on the market last month and acquired a two-building Wicker Park portfolio for $58M.
