South Korean investor buys Chicago residential tower
A joint venture among Strategic Properties of North America, Integrated Capital Management and South Korean investment firm Mirae Asset Daewoo has acquired a rental tower north of downtown Chicago.
The sales price was $154 million, and the seller was DWS, an affiliate of Deutsche Bank.
The joint venture has plans to renovate the property.
Newmark Knight Frank arranged $102.5 million in financing for the acquisition of Cityfront Place in Chicago’s Streeterville neighborhood. Built in 1991, Cityfront Place is a 39-story, 480-unit high-rise along the Chicago River. The property’s amenities include a fitness center, a parking garage, bike storage, a resident lounge with coffee bar, storage units, a yoga studio, onsite laundry facilities, a business center, a landscaped roof deck, an indoor pool, and an outdoor grilling area with fire pits and a gaming area.