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Tishman Speyer Acquires Union West Luxury Residential Tower In Chicago's West Loop For $128M

Property Image
SOLD
$128,000,000
John Jaeger
NF
GW

Illinois

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MultiFamily
Sold 12/21/2023
the dealplayerscompscontact
Property Image
SOLD

Tishman Speyer Acquires Union West Luxury Residential Tower In Chicago's West Loop For $128M

939 West Washington Boulevard

See Similar Deals
MultiFamily
Sold 12/21/2023
John Jaeger
NF
GW
the dealplayerscompscontact
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Summary

ILLINOIS
Asset Type:MultiFamily
Transaction Type:Sale

Tishman Speyer has acquired the Union West luxury residential tower in Chicago's West Loop for approximately $128 million. The 15-story property, located at 939 West Washington Boulevard, consists of 357 apartments and is currently 94% leased. The sale price equates to a per-unit price of about $358,543.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $128,000,000
  • Units: 357
  • Price per Unit: $358,543
  • Address: 939 West Washington Boulevard
  • Market: Chicago

Tishman Speyer's expansion in key U.S. markets, including Boston and Atlanta, continues with the acquisition of Union West. The buyer was represented by Nooshin Felsenthal from Tishman Speyer, while ZOM Living was represented by Greg West. The transaction was facilitated by John Jaeger of CBRE.

This purchase adds to Tishman Speyer's portfolio of luxury residential properties, demonstrating their investment strategy in sought-after markets.

Players

John Jaeger
CBRE
John Jaeger
29 deals$2.1B volume
BROKER
NF
Tishman Speyer
Nooshin Felsenthal
5 deals$128M volume
BUYER
GW
ZOM Living
Greg West
4 deals$316.6M volume
SELLER

Details

SOLD
IMAGE: Greg West, Nooshin Felsenthal & John Jaeger DATE: 12/21/2023 ADDRESS: 939 West Washington Boulevard MARKET: Chicago ASSET TYPE: Multifamily BUYER: Tishman Speyer (@TishmanSpeyer) - Nooshin Felsenthal (@NooshinFelsenthal) SELLER: ZOM Living (@ZomLiving) - Greg West BROKER: John Jaeger - CBRE (@CBRE) SALE PRICE: $128,000,000 UNITS: 357 ~ PPU: $358,543 NOTE: Tishman Speyer has acquired the 15-story Union West luxury residential tower in Chicago's West Loop for about $128 million from ZOM Living. The 357-apartment property, 94% leased, adds to Tishman Speyer's recent expansion in key U.S. markets, including Boston and Atlanta.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$6,826,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$454,756.96
Cash-on-Cash Return-1.27%
Monthly Debt Service$606,785.30
Annual Debt Service$7,281,423.63