CedarSt Companies Acquires 198-Unit Avra Apartment Tower In Chicago For $66 Million

The 198-unit Avra apartment tower, located at 1125 West Van Buren Street in Chicago’s West Loop, was sold for $66 million. The 20-story multifamily building was completed in 2021 and was 95% occupied at the time of sale, indicating strong tenant demand in the Chicago market.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $66,000,000
• Units: 198
• Price Per Unit: $333,333
• Buyer: Mark Heffron, Will Murphy & Alex Samoylovich - CEDARst Companies
• Seller: Dmitri Nassis & Stephane Rambaud - Tandem Development
• Brokers: John Jaeger, Justin Puppi, Jason Zyck & Jillian Jaeger - CBRE
• Lender: Nuveen Real Estate

The acquisition was part of CedarSt Companies’ recent investment strategy, which capitalizes on limited new supply in the market, potentially enhancing rent growth and landlords' pricing power. The transaction involved notable figures from both the buyer and seller sides, including Dmitri Nassis and Stephane Rambaud representing Tandem Development.