Amid the neighborhood’s residential development boom, a large West Loop apartment complex is hitting the market.
Florida-based developer ZOM Living hired CBRE’s John Jaeger and Justin Puppi to find a buyer for the 15-story, 357-unit luxury high-rise Union West at 939 West Washington Avenue.
built in 2018 $92 million construction loanthe property is one of several newer upscale housing options on the booming West Loop, along with The Row (developed by Related Midwest for about $112 million, according to city permitting data) and the Fulbrix and One Six Six architecture.
Union West rents range from $3,500 to $3,700 for a one-bedroom, $4,100 to $7,600 for a two-bedroom, and $4,800 for a three-bedroom — making it cheaper than two other large homes that changed hands recently. Apartment complexes are more expensive.Sellers also use CBRE to broker sales 240 Xavier Apartments for $81 million and 329-unit Lake and Wells tower for $98 million.
Last year’s condo tower sale with the most expensive units in Chicago was bought by a West Coast company Evo Union Park On the West Loop, it was a $104 million deal, with units selling for $428,000. Echelon Chicago Homes in the Fulton River area followed with sales of $133 million, or about $380,000 a unit.
While high interest rates challenge multifamily investors and force them to pay close attention The Fed’s next move When we meet next week, high occupancy rate Shows that there is a great demand for West Loop living.Occupancy Remains Steady Despite Slowing Rent Growth in Chicago’s Class A Apartment Buildings Last Quarter
Downtown occupancy was 94.4% last quarter, according to valuation and consulting firm Integra Realty Resources. Nearly 1,100 apartments will be completed on the West Loop this year, with another 2,300 expected to open in 2024, according to Integra.
