FPA Multifamily Acquires Paragon Chicago Tower From CIM Group For $144M

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.