Clarion Partners is selling a West Loop apartment complex, three years after buying it for $74.5 million.
The New York investment firm hired CBRE to sell Circa 922, a 149-unit building at 922 West Washington Boulevard on the edge of the booming Fulton Market district, according to Crain’s.
The property includes a vintage loft building with 45 apartments and a 104-unit apartment building completed in 2015. Rents range from $1,826 per month, or $3.24 per square foot, for a studio to $4,957, or $3.07 per square foot, for a three-bedroom unit, according to a CBRE marketing flier.
Fulton Market and the broader West Loop have seen a surge of interest from developers and investors in recent years, not only for residential buildings but also office and retail projects.
Big players in the area include Sterling Bay and Shapack Partners, while outside investors have also taken notice, including New York’s Thor Equities.
A national multifamily price index computed by research firm Green Street Advisors has risen 4 percent over the past year, according to Crain’s. Yet a Rentcafe report published last month posted Chicago’s year-over-year median rent growth at 2.7 percent, slightly behind the national average. [Crain’s] — John O’Brien