Although Downtown Chicago’s luxury condo market seems to be making a strong comeback—see 4 E. Elm, 9 W. Walton, and 100 W. Huron—news about Circa922 being sold $75 million, or around $500,000 per unit, suggests the luxury rental market doesn’t appear to be going anywhere any time soon.
According to a recent report from Crain’s, Clarion Partners looks to be acquiring the 149-unit apartment building over in the West Loop—a location that, along with being extraordinarily hot over the past several years, should continue to attract renters will the opening of 1K Fulton, an ambitious new office project that will soon be the Chicago home of Google.
The entire Circa922 development includes an older, 45-unit building along with the new 10-story, 104 unit tower that was just delivered back in January 2014. As mentioned by Crain’s, the new tower is currently 89% occupied, with rental prices ranging from $1,735 for a studio to $5,325 for the largest two-bedroom unit in the building.
Clarion’s other Chicago assets include the retail building at 600 N. Michigan Avenue, which is home to the new Under Armour store, as well as an AMC movie theater.
What's on the MLS® at Circa922?