Despite 111 W. Wacker just opening last year, one of Chicago’s newest and most luxurious rental buildings already has a new owner. According to recent reports from the Wall Street Journal, Heitman, a Chicago-based global real estate investment firm, has purchased the 59-story, 504-unit building at 111 West Wacker from its original developer, Related Midwest, for a mind-blowing $328.2 million—or more than $650,000 per unit.
To date, the reported transaction is the highest price ever paid per unit for an apartment building in Chicago that houses over 50 individual units, and it’s a clear-cut sign to many that the luxury market is alive and well here in the heart of downtown Chicago.
Apartments for rent inside 111 W. Wacker typically range from $1,700 to $12,000 per month, but at a purchase price of over $328 million, it’s hard to believe the long-term plan for OneEleven is to remain a rental building. For now, the rental market, especially in downtown Chicago, is red hot and should stay that way over the short-term, but as the condo market picks back up and homeownership becomes popular again, we might just see a condo conversion over at 111 W. Wacker, with list prices likely averaging over $1 million.
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