Chicago saw the fourth-biggest single-asset apartment sale in 2017, when Morguard purchased the Coast at Lakeshore East Apartments in the city.
CommercialCafe, using data from its partner Yardi Matrix, said that Morguard paid $222 million for the apartment building. That ranked it behind only the $231 million sale of Summer House in Alameda, California; the $229 million sale of Carmel Pacific Ridge in San Diego; and the $224 million sale of Tower 12 in Seattle.
When all multifamily sales are counted, including portfolio sales, the Lakeshore East Apartments sale ranks 16th overall for 2017.
Illinois apartment properties were also featured in the largest portfolio sales of 2017, according to CommercialCafe. Harbor Group’s $1.8 billion purchase from Lone Star Funds contained properties in Illinois, and that sale ranked as the overall largest multifamily sale of the year. Illinos properties were also included in LivCor’s $429 million cross-market portfolio buy from TA Associates. That sale ranked seventh in portfolio sales last year.
No other Midwest cities were represented in CommercialCafe’s list of the biggest single-asset apartment sales last year. Apartment properties in Wisconsin, Indiana and Illinois, though, were featured in Scion Group’s $640 million cross-market portfolio sale from CA Ventures, which ranked as the fourth-biggest portfolio sale of 2017.