The second-highest apartment sale of 2017 is in the South Loop, where CMK is selling 1333 South Wabash to The Habitat Co. for $125M. It marks a fast exit for CMK, which delivered the 305-unit building last August.
The building is in an area of the South Loop surrounded by cranes and multifamily development. Crescent Heights is building One Grant Park a block north, and Murphy Development received a full construction permit in July to build 1326 South Michigan.
CMK is exiting the asset as nearly 12,000 new apartments will be added to the downtown inventory through 2019. The Habitat Co. is inheriting a building that is only 75% leased, but Habitat President Matt Fiascone said this was a golden opportunity to acquire a building product below today's replacement cost, that would benefit from continuing growth in the downtown rental market. The building's location near public transit, the lakefront, shopping and nightlife are advantages that Habitat believes will be attractive to new tenants.
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