A fund affiliated with Hines paid $151M for the 37-story apartment tower at 300 N. Canal St. in the city's second-largest multifamily deal in 2025.
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The fund scooped up the 451-unit building known as Left Bank from a venture of PGIM Real Estate, Crain's Chicago Business reported. PGIM put the building up for sale in June.
Hines didn't publicly disclose its plans for the property, but marketing materials for the building said a buyer could renovate the 17% of apartments that previous ownership hadn't modernized.
PGIM co-developed the property with Fifield and completed it in 2006, before buying out Fifeld's project stake in 2007. The project was financed with a $93M construction loan.
The size of the deal only trails Normandy Real Estate's acquisition of a 375-unit high-rise in Fulton Market for $175M in April, the largest multifamily purchase since 2023.
Fulbrix Apartments, a 27-story tower at 160 N. Elizabeth St., is the most expensive multifamily property to change hands in the city since Spanish billionaire Amancio Ortega’s real estate investment firm paid $231M for the 492-unit tower at 727 W. Madison St.
Chicago multifamily sales volume for 2025 will likely be close to the amount traded in both 2023 and 2024, which was about $3.9B, Lument Managing Director Todd Stofflet told Bisnow.
But he expects the pace to pick up.
“The continued strength in Chicago is starting to wake the herd up, and they're starting to ask the questions, trying to develop investment theses on Chicago and some of the other Midwestern markets,” Stofflet said. “It takes time and it takes transactions.”
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