A Chicago apartment building in the downtown Loop area has been put back up on the market. The Florida State Board of Administration purchased the 55-story Chicago high-rise only 5 years ago. At the time, the Chicago apartment building cost $118 million. The North Harbor Tower building is located at Lake Shore Drive and Randolph in Chicago.
Despite a lagging rental market, downtown Chicago apartment buildings are still commanding high prices, and selling quickly. According to Crain’s Chicago Business “Chicago real estate consulting firm Appraisal Research Counselors forecasts that downtown apartment building sales could hit $1.3 billion in 2005, shattering last year’s record of $510 million.”
Continued strong sales of Chicago apartment buildings are related to attractive low interest rates and an influx of cash into the Chicago real estate market.
# posted by Chicago Lofts : 11:11 AM
