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EV Lofts Trades to Texas Investor for Nearly $85M


Can high-rise apartment success in Chicago be mirrored in Downtown San Diego? Texas-based Monogram Residential Trust is betting nearly $85M to find out. The firm just purchased EV Lofts, a 208-unit luxury apartment complex at 688 13th St from OliverMcMillan for $83.95M. As part of a 1031 exchange, Monogram is redeploying capital it reaped from its sale of Burnham Pointe, a 298-unit Chicago apartment high-rise, which it sold to Crescent Heights for $126M this past summer. Not bad given that Monogram paid $88M for the property five years ago. And EV Lofts has yet to actually open—that's slated for November. [SDBJ]