It’s unclear how the sale of the L worked out for Property Markets Group or how much the building cost to develop. The developer financed the project with a $20.2 million construction loan, according to a mortgage filed with the county. An executive at the company declined to comment.
Property Markets Group sold the property to a venture including executives at Essex Realty Group, a Chicago brokerage, according to the deed. The Essex venture financed the acquisition with a $25 million mortgage from JPMorgan Chase, property records show. Essex representatives did not return phone calls.
A team led by Peter Evans, senior managing director of Berkadia, brokered the sale. Chicago-based Peak Properties has taken over management of the building.
The L is 89.3% occupied, according to real estate information provider CoStar Group. The average apartment in the building rents for $1,875 per month, or $2.62 per square foot.
CRG, the development unit of Clayco, meanwhile, has hired the Chicago office of Walker & Dunlop to sell its building at 1980 N. Milwaukee, according to the Walker & Dunlop website. Called A.M. 1980 Residences, the building is 85.4% occupied, according to CoStar. The average unit there rents for $2,117 per month, or $3.17 per square foot.
Representatives Walker & Dunlop and CRG were not immediately available for comment.