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