RPM Living Acquires Grand Central Apartment Complex From Waterton For $103.5M In Chicago

The property asset involved in this transaction is the Grand Central apartment complex, comprising two 14-story buildings located at 221 West Harrison Street in Chicago, IL. The multifamily asset was sold for $103,500,000 and includes a total of 346 units, resulting in a price per unit of $299,133.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $103,500,000
• Address: 221 West Harrison Street
• Market: Chicago, IL
• Units: 346
• Price Per Unit: $299,133
• Buyer: Jason Berkowitz - RPM Living
• Seller: David Schwartz - Waterton
• Brokerage: Liz Gagliardi, Chuck Johanns, Susan Lawson, Bishop Polizzotto & Marshall Roberts - Newmark

The sale involved key individuals and representatives from well-known firms, with Jason Berkowitz serving as the buyer's representative from RPM Living and David Schwartz as the seller's representative from Waterton. The transaction followed a year-long marketing process, driven by ongoing multifamily demand and a limited supply which contributed to the pricing gains across the Chicago market.