FPA Multifamily Acquires 263-Unit Multifamily Asset At 420 East Ohio Street For $89M

A 263-unit apartment tower located at 420 East Ohio Street in Chicago’s Streeterville has been sold for $89 million. This multifamily asset has been valued at approximately $338,400 per unit. The property is situated two blocks away from the recently acquired 398-unit North Water Apartments, which was purchased in November for nearly $175 million.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $89,000,000
• Units: 263
• Price Per Unit: $338,403
• Buyer: Greg Fowler - FPA Multifamily
• Seller: Green Cities
• Broker Representatives: John Jaeger, Justin Puppi, Jason Zyck & Pete Marino - CBRE

This transaction illustrates a continued investment in the multifamily market segment within Streeterville, a submarket demonstrating resilience amidst pricing adjustments and elevated borrowing costs. The affiliation with FPA Multifamily signifies a strategic move to strengthen their portfolio in a competitive area known for its multifamily developments.