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Green Cities Acquires 223-Unit Catalyst Apartment Tower In Chicago From DWS Group And Marquette Companies For $94M

Property Image
SOLD
$94,000,000
Justin Puppi
John Jaeger
Jason Zyck

Illinois

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MultiFamily
Sold 02/11/2025
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Property Image
SOLD

Green Cities Acquires 223-Unit Catalyst Apartment Tower In Chicago From DWS Group And Marquette Companies For $94M

123 North Desplaines Street

See Similar Deals
MultiFamily
Sold 02/11/2025
Justin Puppi
John Jaeger
Jason Zyck
the dealplayerscompscontact
Contact now

Summary

ILLINOIS
Asset Type:MultiFamily
Transaction Type:Sale

The property involved in the transaction is a 223-unit apartment tower located at 123 North Desplaines Street in Chicago's West Loop. It was sold for $94,000,000, which translates to a price per unit of $421,525.

Summary of transaction details:

The transaction highlights the involvement of notable individuals such as Stefan Hoops and Nick Ryan as sellers representing DWS Group and Marquette Companies respectively. The brokers facilitating the transaction include Jason Zyck, John Jaeger, and Justin Puppi from CBRE.

Players

John Jaeger
CBRE
John Jaeger
29 deals$2.1B volume
BROKER
Justin Puppi
CBRE
Justin Puppi
22 deals$1.4B volume
BROKER
Jason Zyck
CBRE
Jason Zyck
16 deals$1.3B volume(312) 338-2037
BROKER

Details

SOLD
IMAGE: Jason Zyck, John Jaeger, Justin Puppi, Stefan Hoops & Nick Ryan DATE: 02/11/2025 ADDRESS: 123 North Desplaines Street MARKET: Chicago ASSET TYPE: MultiFamily BUYER: Green Cities SELLER: Stefan Hoops - DWS Group & Nick Ryan - Marquette Companies BROKERS: Jason Zyck (@JZyck), John Jaeger & Justin Puppi - CBRE (@CBRE) SALE PRICE: $94,000,000 UNITS: 223 ~ PPU: $421,525 NOTE: Portland-based Green Cities bought Catalyst, a 223-unit apartment tower at 123 N. Desplaines St. in Chicago’s West Loop, for $94M from DWS Group and Marquette Companies, marking the first major downtown deal of 2025. Despite high interest rates, the sale underscores strong investor demand for West Loop apartments, with Chicago rents rising and limited new development ahead.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$5,013,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$333,962.16
Cash-on-Cash Return-1.27%
Monthly Debt Service$445,607.96
Annual Debt Service$5,347,295.48