The 500-unit building was completed in 2019 by CIM Group
1326 South Michigan, a 500-unit South Loop apartment tower, is seen on March 14, 2024, in Chicago. It recently sold for about $144 million, making it the largest apartment sale in Chicago so far this year. San Francisco-based FPA Multifamily early this month bought the 47-story Paragon apartment tower in the South Loop for $144 million, the biggest apartment deal in Chicago so far this year, according to CoStar. and Chicago investor John Murphy.
“It’s hard to get enough equity to the table and cut a check,” he said. “FPA already owns a number of buildings in Chicago, so this makes a statement that they are still confident in the city. They are an institutional investor, and it’s good to see that kind of investor is still buying. There are not a lot of them around right now.”A few big apartment sales were completed in December, DeVries added. Vista Property, a New York-based firm, bought 3Eleven, a 245-unit tower at 311 W. Illinois St.
Even though few prospective buyers are checking out downtown Chicago apartments, the market is still strong, he added. Unlike downtown office properties, where vacancy climbed to more than 20% after the pandemic, the vacancy rate for apartments hovers around 5% to 6%. Investigators hunted one of Florida’s most prolific serial rapists for decades. A true crime podcast uncovers new details
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