Circa-2014 West Loop Apartments Hit the Sales Market
DWS Group, an affiliate of Deutsche Bank, and Naperville, IL-based developer Marquette have hired CBRE to sell Catalyst, a 223-unit property at 123 N. Des Plaines St., reported Crain’s Chicago Business. Marquette developed the 20-story apartment building, which opened in 2014, before the West Loop construction boom took off.
The property’s co-owners are seeking a buyer in an apartment market with strong rents but weak investment sales, Crain’sreported. However, Catalyst could attract interest from so-called value-add buyers, investors that seek out opportunities to fix up apartment buildings and then raise rents. The building is pushing 10 years old and could benefit from additional investment to retain its luxury status.
“I think everybody feels like it’s a great value-add opportunity because it was developed in 2013-2014,” Darren Sloniger, former Marquette CEO who still owns a stake in Catalyst, told Crain’s.
Circa-2014 West Loop Apartments Hit the Sales Market
Circa-2014 West Loop Apartments Hit the Sales Market
DWS Group, an affiliate of Deutsche Bank, and Naperville, IL-based developer Marquette have hired CBRE to sell Catalyst, a 223-unit property at 123 N. Des Plaines St., reported Crain’s Chicago Business. Marquette developed the 20-story apartment building, which opened in 2014, before the West Loop construction boom took off.
The property’s co-owners are seeking a buyer in an apartment market with strong rents but weak investment sales, Crain’s reported. However, Catalyst could attract interest from so-called value-add buyers, investors that seek out opportunities to fix up apartment buildings and then raise rents. The building is pushing 10 years old and could benefit from additional investment to retain its luxury status.
“I think everybody feels like it’s a great value-add opportunity because it was developed in 2013-2014,” Darren Sloniger, former Marquette CEO who still owns a stake in Catalyst, told Crain’s.
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