The market for downtown Chicago apartment towers has been active lately, and River North has been the strongest submarket.
EnV, 161 W Kinzie, sold recently for a heady $483,000 per unit. Flair Tower changed hands at $87 million, $439,000 per unit. One Superior Place sold earlier this year for $320 million in what The Wall Street Journal then called “the largest US apartment-building transaction of the year.”
Crain’s Chicago Real Estate Daily reported yesterday that Waterton Associates has decided to sell River North Park, a 399-unit, 24-story tower at 320 W Illinois St. Crain’s suggests the property might sell for more than $100 million.