Trio sells for above-condo prices

Crain’s Chicago Real Estate Daily reports that the 100-unit Trio high-rise and a number of units in the mid-rise portion of the project have been sold to a New York-based investment group.

The estimated sale price was approximately $40 million, an indication that Chicago apartment values aren’t yet victim to the bubble feared by Crain’s Joe Cahill.

We walked through one of the mid-rise units several years ago while they were for sale at prices ranging from $200K to $360K – well below the per-unit selling price of the project as a rental building. The units were withdrawn from the for-sale market, according to a source at the time, because ownership determined they “were worth more as rentals than as condos.” Good call, it appears.

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