facebook
Traded Co logo
Submit
Daily limit: 0/10

Farallon Capital Management Acquires 280-Unit Chestnut Place Tower In Chicago For $85.2M

Property Image
SOLD
$85,200,000
Justin Puppi
John Jaeger
Jason Zyck

Illinois

See Similar Deals
MultiFamily
Sold 10/19/2024
the dealplayerscompscontact
Property Image
SOLD

Farallon Capital Management Acquires 280-Unit Chestnut Place Tower In Chicago For $85.2M

8 West Chestnut Street

See Similar Deals
MultiFamily
Sold 10/19/2024
Justin Puppi
John Jaeger
Jason Zyck
the dealplayerscompscontact
Contact now

Summary

ILLINOIS
Asset Type:MultiFamily
Transaction Type:Sale

The property involved in this transaction is a 280-unit multifamily asset located at 8 West Chestnut Street in the Chicago market. The sale price for this property was $85,200,000, which translates to a per-unit price of $304,286. This transaction marks a significant adjustment from the previous purchase price of $108 million by CIM Group in 2017.

Summary of transaction details:

Notably, Golub & Co. will continue to hold an investment position alongside Farallon Capital Management in this property, indicating the ongoing complexities faced in the multifamily market attributed to rising borrowing costs alongside declining property valuations.

Players

John Jaeger
CBRE
John Jaeger
29 deals$2.1B volume
BROKER
Justin Puppi
CBRE
Justin Puppi
22 deals$1.4B volume
BROKER
Jason Zyck
CBRE
Jason Zyck
16 deals$1.3B volume(312) 338-2037
BROKER

Details

SOLD
IMAGE: Jason Zyck, Justin Puppi, John Jaeger & Shaul Kuba DATE: 10/19/2024 ADDRESS: 8 West Chestnut Street MARKET: Chicago ASSET TYPE: Multifamily BUYER: Farallon Capital Management SELLER: Shaul Kuba - CIM Group BROKERS: Jason Zyck (@JZyck), John Jaeger & Justin Puppi - CBRE (@CBRE) SALE PRICE: $85,200,000 UNITS: 280 ~ PPU: $304,286 NOTE: Farallon Capital Management bought the 280-unit Chestnut Place tower in Chicago's Gold Coast for $85.2 million, significantly below the $108 million paid by CIM Group in 2017. Golub & Co. will remain an investor with Farallon, reflecting the ongoing challenges in the multifamily market due to rising borrowing costs and lower property valuations.

Stay in the Know

Subscribe for insider commercial real estate news, deal highlights, and market insights—delivered straight to your inbox.

By subscribing, you agree to our Terms of Service and Privacy Policy.

Similar Deals

Contact

Get in touch with the broker you want

Suggestions
CRE CalculatorAnalyze deals based on income, expenses, and financing. We automatically filled the calculator with data from the deal you are viewing, fill free to modify it to see how it affects the results.
Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$4,543,999.99

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$302,697.61
Cash-on-Cash Return-1.27%
Monthly Debt Service$403,891.47
Annual Debt Service$4,846,697.60