A 20-story West Loop apartment tower in Chicago has traded hands for $66 million.
Chicago-based Tandem sold the 198-unit Avra West Loop apartment tower at 1125 W. Van Buren St., which it built in 2021, to Cedar Street, reported Crain’s. CBRE’s John Jaeger, Justin Puppi, and Jason Zyck represented Tandem in the deal. The firm backed its acquisition of the Avra complex with a $49.5 million loan from Nuveen Real Estate, arranged by Berkadia Managing Director Michael Slovitt.
Cedar Street has made several other recent acquisitions in Chicago. In December, the company completed the $34.6 million acquisition of The Weyland, a seven-story, 132-unit multifamily community at 1980 N. Milwaukee Avenue, positioned between Chicago’s Bucktown and Logan Square neighborhoods. Cedar Street also recently secured a construction loan from Associated Bank for a five-story, 40-unit apartment building located at 4725 N. Clifton Ave.
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