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

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:

• Property Type: Multifamily
• Transaction Amount: $77,000,000
• Units: 188
• Address: 220 West Illinois Street
• Market: Chicago
• Buyer: Jonathan Bennett - AmTrust RE
• Seller: Steven DeFrancis - Cortland

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.