Streeterville apartment building sells for $55M as complexes fetch low prices amid interest rate hikes
The Seneca apartment building in the 200 block of East Chestnut Street in Chicago is seen on July 6, 2023.
That’s a big markdown for the New York-based investor, which paid $74.8 million for the 16-story tower in 2014, but taking such hits is not unusual these days. Even though Chicago’s downtown apartment sector is healthy in many ways, with high occupancy, a“The market’s fundamentals are incredibly strong,” said Ron DeVries, senior managing director of Integra Realty Resources.
“I think they’re paying prices that make sense in the current interest rate environment,” DeVries said.
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