Peter Palandjian Of Intercontinental Real Estate And David Carlins Of Magellan Acquire Chicago Multifamily For $126M

The transaction involved the sale of a 322-unit, 42-story multifamily apartment tower located at 73 East Lake Street in Chicago. The property was sold for $126,000,000, resulting in a price per unit of $391,304. The building was reported to be 94% leased at the time of the sale. This transaction represents a significant deal in the Chicago real estate market amid rising rent growth and a constrained development pipeline.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $126,000,000
• Address: 73 East Lake Street, Chicago
• Units: 322
• Price Per Unit: $391,304
• Buyer: Peter Palandjian - Intercontinental Real Estate; David Carlins - Magellan Development Group
• Seller: Tony Rossi & Tom Moran - M&R Development
• Brokers: John Jaeger, Justin Puppi & Jason Zyck - CBRE
• Mortgage Broker: Peter Marino - CBRE

Intercontinental Real Estate, under the leadership of Peter Palandjian, collaborated with Magellan Development Group represented by David Carlins for this acquisition. The seller in this deal was M&R Development, represented by Tony Rossi and Tom Moran. The brokering team from CBRE included John Jaeger, Justin Puppi, and Jason Zyck, with Peter Marino serving as the mortgage broker for the transaction.