For the latest sign that the Chicago rental market has barreled back from last year’s lows, turn to Lakeshore East.
That’s where multifamily investor Waterton has a preliminary agreement to buy two towers totaling 1,100 units, Crain’s reported.
The multifamily investor will acquire the 608-unit Tides at 360 E. South Water Street and the 548-unit Shoreham at 400 E. South Water, according to the report.
The deal could be worth around $400 million, Crain’s noted. The seller is AFL-CIO Building Investment Trust.
The Shoreham, built in 2005, hit the market in late April, with CBRE hired to sell the building.
The Tides opened in 2008.
The properties are located near the St. Regis Chicago, the luxury condo and hotel skyscraper that has had several big sales lately.
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Rents have been on the rise in Chicago and investors are once again looking to cash in. In June, FPA Multifamily secured a $100 million acquisition loan for its purchase of the 1,000-unit McClurg Court in Streeterville.
The Tides and Shoreham will join other properties in Waterton’s portfolio including North Harbor Tower in Lakeshore East, which it purchased in 2018.
[Crain’s] — Victoria Pruitt