Crain’s Chicago Business reported over the weekend that Eastdil Secured has been retained to sell a 49 percent interest in Presidential Towers (warning: annoying auto-play of video), a West Loop apartment complex that’s the largest in the city at 2,346 units.
According to Crain’s, which reports the property’s occupancy rate at 93 percent:
A sale would provide a key data point for the downtown market, an example illustrating where apartment values stand in relation to the last peak. An index of apartment values for the entire Chicago area is up 45 percent from the trough in 2009 but still down 13 percent from the peak, according to Real Capital Analytics, a New York-based research firm.
That “key data point” won’t be easy to evaluate given the fact that the sale involves only a minority interest in the property.