Apartment Investment Advisers (AIA) recently closed the sale of an apartment building in the West Loop neighborhood of Chicago. The 18-unit building, located at 25 N. Bishop Street, sold for $9,150,000 or $508,333 per unit. Jack Cassin and Bill Cassin of AIA were the brokers involved in the sale.
“Everyone agrees the future of the West Loop is bright, but what drove the market on this offering was the square footage of the units.” Jack Cassin said. “In the current stay-at-home environment, who wouldn’t appreciate some more space now?”
The apartments were built in 2009 with a unit mix of simplex, duplex and penthouse floor plans. With rental units averaging over 2,000 square feet the building fills a void in the submarket. While the West Loop has been booming with new construction developments, those deliveries have primarily been much smaller rental units or larger condominiums and townhomes.
