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Jonathan Bennett Of AmTrust RE Acquires 188-Unit Multifamily At 220 West Illinois Street For $77M

Property Image
SOLD
$77,000,000
Steven DeFrancis
Jonathan Bennett

Illinois

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MultiFamily
Sold 03/16/2026
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Property Image
SOLD

Jonathan Bennett Of AmTrust RE Acquires 188-Unit Multifamily At 220 West Illinois Street For $77M

220 West Illinois Street

See Similar Deals
MultiFamily
Sold 03/16/2026
Steven DeFrancis
Jonathan Bennett
the dealplayerscompscontact
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Summary

ILLINOIS
Asset Type:MultiFamily
Transaction Type:Sale

The asset involved in the transaction is a multifamily apartment tower located at 220 West Illinois Street in Chicago. The property includes a total of 188 units and was sold for $77 million, resulting in a price per unit of $409,574. This sale represents a significant decrease from the previous purchase price of $105 million in 2022.

Summary of transaction details:

In this transaction, Jonathan Bennett represents AmTrust RE as the buyer, while Steven DeFrancis represents Cortland as the seller. The deal encompasses an existing $47 million loan, positioning AmTrust to benefit from increasing apartment rents in the downtown area.

Players

Jonathan Bennett
Jonathan Bennett
10 deals$322.9M volume
BUYER
Steven DeFrancis
Cortland
Steven DeFrancis
15 deals$1.6B volume
SELLER

Details

SOLD
IMAGE: Jonathan Bennett & Steven DeFrancis DATE: 03/16/2026 ADDRESS: 220 West Illinois Street MARKET: Chicago ASSET TYPE: Multifamily BUYER: Jonathan Bennett - AmTrust RE SELLER: Steven DeFrancis - Cortland (@CortlandLiving) SALE PRICE: $77,000,000 UNITS: 188 ~ PPU: $409,574 NOTE: AmTrust acquired the 188-unit apartment tower at 220 West Illinois Street in Chicago for $77 million, a nearly 27% drop from the $105 million Cortland paid in 2022. The deal covers the existing $47 million loan and positions AmTrust to capitalize on rising downtown apartment rents.

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

$4,106,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$273,564.73
Cash-on-Cash Return-1.27%
Monthly Debt Service$365,019.28
Annual Debt Service$4,380,231.40