SOLD
FPA Multifamily Acquires Paragon Chicago Tower From CIM Group For $144M
1326 South Michigan Avenue
MultiFamily
Sold 45 days ago
Summary
Sale
ILLINOIS
MultiFamily
The 500-unit luxury Paragon Chicago tower on 1326 South Michigan Avenue was sold in Chicago's South Loop for $144 million. The transaction, completed on 03/15/2024, sets the record for the city's largest multifamily deal of early 2024, surpassing the previous year's major sales.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: $144,000,000
- Buyer: Greg Fowler - FPA Multifamily
- Seller: John Murphy; Shaul Kuba - CIM Group
- Brokers: Chuck Johanns, Liz Gagliardi & Susan Lawson - Newmark
- Units: 500
- Price per Unit: $288,000
- Market: Chicago
The acquisition was made by an affiliate of FPA Multifamily, a California investor, showcasing continued interest in Chicago's real estate market despite recent market conditions. The deal was facilitated by brokers Chuck Johanns, Liz Gagliardi, and Susan Lawson of Newmark, who played key roles in bringing the transaction to fruition.
Players
All
4
Agents
3
Agencies
1
Details
SOLD
IMAGE: Greg Fowler, Liz Gagliardi, Shaul Kuba, Susan Lawson & Chuck Johanns
DATE: 03/15/2024
ADDRESS: 1326 South Michigan Avenue
MARKET: Chicago
ASSET TYPE: MultiFamily
BUYER: Greg Fowler - FPA Multifamily
SELLER: John Murphy; Shaul Kuba - CIM Group (@CIMGroup)
BROKERS: Chuck Johanns, Liz Gagliardi & Susan Lawson - Newmark (@Newmark)
SALE PRICE: $144,000,000
UNITS: 500 ~ PPU: $288,000
NOTE: A California investor bought a 500-unit apartment tower in Chicago's South Loop for $144 million, marking the city's largest multifamily deal of early 2024. The luxury Paragon Chicago tower was acquired by an affiliate of FPA Multifamily, surpassing last year's major sales despite a slowdown in the market.View on map
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Address1326 South Michigan Avenue
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