Hines Acquires Multifamily Asset In West Loop, Chicago

Green Cities has sold the Emme luxury apartment complex located at 165 North Desplaines Street in the West Loop neighborhood of Chicago. The transaction took place on June 22, 2023, and the property was acquired by Hines for a sale price of $72,635,000. Emme consists of 199 multifamily units, resulting in a price per unit of $365,000. Despite its prime location and strong occupancy rate, the sale of Emme reflects the impact of changing market conditions on the multifamily sector, as property values have declined due to increased interest rates.

Summary of transation details

• Property Type: Multifamily
• Transaction Amount: $72,635,000
• Units: 199
• Price Per Unit: $365,000
• Buyer: Hines - Laura Hines-Pierce
• Seller: Green Cities - Molly Bordonaro & Brent Gaulke

Hines, represented by Laura Hines-Pierce, acquired the Emme luxury apartment complex from Green Cities. The sellers, Molly Bordonaro and Brent Gaulke, completed the transaction, indicating a decline in property values due to increased interest rates affecting the multifamily sector. The sale of Emme, despite its prime location in the West Loop and strong occupancy rate, highlights the impact of changing market conditions on real estate investments.