Greg Fowler Of FPA Multifamily Acquires 398-Unit Multifamily Asset From Russell Galbut For $175M

The property asset involved in this transaction is a multifamily tower located at 340 East North Water Street in Chicago. The sale occurred for a total of $175,000,000 and encompasses 398 residential units, resulting in a price per unit of $439,698. The asset was 93% occupied at the time of sale and was obtained through an assumable $112M Freddie Mac loan, marking it as the largest multifamily sale in Chicago for 2024.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $175,000,000
• Buyer: Greg Fowler - FPA Multifamily
• Seller: Russell Galbut - Crescent Heights
• Brokers: Elizabeth Gagliardi, Chuck Johanns & Susan Lawson - Newmark
• Units: 398
• Price Per Unit: $439,698

Key individuals involved in the deal include Greg Fowler representing FPA Multifamily, who acquired the asset, and Russell Galbut representing Crescent Heights as the seller. The transaction was facilitated by brokers Elizabeth Gagliardi, Chuck Johanns, and Susan Lawson from Newmark, highlighting a significant movement in the multifamily market within Chicago.