The John Buck Co. and their institutional partner have sold 3Eleven, a 245-unit community in Chicago, for $76 million. Vista Property purchased the high-rise with the help of a $47.8 million Freddie Mac note. JLL represented the seller and arranged the financing for the borrower.
The community changed hands for a little over the amount of its existing debt; in 2018, the developer refinanced the property with a $75 million loan from Helaba, according to Yardi Matrix information.
Completed the same year, 3Eleven was the first in the Midwest to achieve Fitwel certification; it is also LEED Silver certified. The 25-story building encompasses studio, one-, two- and three-bedroom floorplans ranging from 425 to 1,692 square feet, as well as some 3,100 square feet of retail space. Apartments feature quartz countertops, walk-in closets, washers and dryers, along with private balconies or patios in select units.
Common-area amenities include a clubhouse, swimming pool, fitness center, rooftop terrace with an outdoor theater and hammocks, grilling stations, lounge areas with firepit, yoga studio, meditation lounge and coworking space. The property also features a coffee bar, a pet grooming area and more than 105 parking spaces.
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Located at 311 W. Illinois St. in the River North neighborhood, the transit-oriented community is close to a host of dining and retail options, including The Shops at North Bridge. Downtown Chicago is less than 2 miles away, while Chicago Midway International Airport is some 12 miles southwest.
The JLL Capital Markets Investment Sales Advisory team comprised Managing Directors Kevin Girard and Mark Stern, together with Director Zach Kaufman; earlier this year, the same brokers arranged the $95 million sale of a 730-unit multifamily property located in a Chicago suburb. The Debt Advisory team that arranged the financing included Managing Director Chris Knight and Director Mike Brady.
Transactions drop, prices rise in the Windy City
Year-to-date through November, the Chicago metro saw some 63 properties changing hands for a total of $2.4 billion, according to Yardi Matrix data, a steep decline from the 90 communities that traded for $3.4 billion during the same period of last year. However, the average per-unit price rose year-over-year from $186,784 to $207,525.
In one of the biggest deals of the year in the Windy City, Avanath Capital Management LLC paid $119 million for Lincoln Park Plaza. BJB Partners sold the 256-unit multifamily asset.
