JDL Development and iStar Financial are seeking a buyer for 1000 South Clark, Crain's Chicago Business reports. The move to put the 29-story, 469-unit apartment building on the market comes nearly two years after the building opened.
If a sale happens, it would be the second time in two years JDL and iStar cashed out on the building. Mesa West Capital secured a $115M refinancing package on the building in October 2016, which allowed the partners to pocket an estimated $65M. HFF was retained to market the property, which was 91% occupied at the end of 2017. HFF is touting 1000 South Clark's superior centralized South Loop location and population demographics as selling points.
JDL and iStar are putting the building on the market amid a record downtown multifamily construction boom that will deliver over 7,000 new units by the end of 2019. This packed pipeline is contributing to flat rent growth in downtown apartments, and the South Loop is one of the area's most active submarkets, with major projects like CMK and Lendlease's Riverline development a few blocks north leading the pack.
A sale of 1000 South Clark will free up JDL to focus on future projects like One Chicago Square, an $800M development on Holy Name Cathedral's parking lot that received Plan Commission approval and would be Chicago's sixth-tallest building. JDL is also putting the finishing touches on 9 West Walton, a luxury condo tower in River North.
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