Normandy Real Estate Acquires 375-Unit Fulbrix Apartments From Thomas Roszak And Michael Arougheti For $170M

The Fulbrix Apartments, a multifamily asset, is located at 160 North Elizabeth Street in the Chicago market. Normandy Real Estate acquired the property for $170 million, which consists of 375 units, resulting in a per unit price of $453,333. This transaction represents a significant addition to the city's multifamily housing landscape, as it is the largest apartment sale since 2023.

Summary of transation details:

• Property Type: Multifamily
• Transaction Amount: $170,000,000
• Units: 375
• Price Per Unit: $453,333
• Buyer: Normandy Real Estate
• Seller: Thomas Roszak - Moceri & Roszak; Michael Arougheti - Ares Management Corporation
• Broker: Bryan Rosenberg & Donald Kelly - Eastdil Secured
• Date of Transaction: 04/14/2025

This deal, facilitated by Eastdil Secured, underscores the robust demand from investors in supply-constrained markets, as evidenced by the continuing rise in rents and limited new inventory in Chicago's real estate sector.