NJ Investor Pays $154 Million for Cityfront Place High-Rise Apartments along the Chicago River
Posted by Leo Clark. on Saturday, April 11th, 2020 at 10:31am.
A Chicago waterfront high-rise has a new owner. A New Jersey investor recently partnered with a Korean investor to purchase Cityfront Place for $154 million.
The 39-story building sits along the Chicago River. It is a Class-A building with 480-units and lake views.
The new owners are said to be planning on making several upgrades to the property. Lincoln Properties will manage the building.
Various reports suggest the new investors were drawn to the building in large part due to its location. The building sits near educational and healthcare institutions with a strong workforce, which helps ensure the purchase will be a good investment in the future. Cityfront Place is also convenient to neighborhood amenities and local landmarks.
The building previously sold in 2011 for $107 million to a unit of Deutche Bank. They authorized putting the building back on the market again last February.