Updated Jul 14, 2026
Ben Frazer Of Highland Partners Acquires 298-Unit Exhibit On Superior In Chicago For $119M
165 West Superior Street
$119,000,000
Units
298
Asset Type
MultiFamily
Closing
Jul 13, 2026
About this deal
AI
The property asset involved in this transaction is a 298-unit multifamily apartment tower located at 165 West Superior Street in Chicago, IL. The transaction was completed for $119 million, with a price per unit of $399,329. This 34-story building is situated in the River North area, known for its demand for high-end apartment assets.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $119,000,000
- Units: 298
- Price per Unit: $399,329
- Buyer: Ben Frazer - Highland Partners
- Broker: Justin Puppi, Jason Zyck & John Jaeger - CBRE
- Market: Chicago, IL
The deal was brokered by CBRE, highlighting the involvement of brokers Justin Puppi, Jason Zyck, and John Jaeger. The acquisition by Utah-based Highland Partners adds to the ongoing activity in the multifamily market in Chicago during the summer season, reflecting the persistent investor interest in stabilized properties.
On the Map
$119,000,000
MultiFamily
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Players
Chicago MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.13%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93