City View Plaza changed hands in 2001 for $38.5 million. The deal was at a 6.24% capitalization rate, reports Appraisal Research Counselors. Since then, the building has been renovated, including new kitchens in the units and a refurbished lobby. The new price tag is $55 million.

"Between the Illinois Medical District and The University of Illinois-Chicago, the area surrounding City View Plaza has exploded with growth and redevelopment," says senior managing director Matt Lawton, overseeing the marketing of all three properties. "In addition to its current use, City View Plaza has potential as a condominium conversion candidate or student housing facility."

Meanwhile, the 376-unit Emerald Courts development in southwest suburban Woodridge is on the market for $30 million. Lend Lease Real Estate Investments' property is 93% occupied after a recent renovation, Holliday Fenoglio Fowler notes.

The asking price is $20.5 million for a 372-unit multifamily complex in south suburban Park Forest. The complex includes 23 buildings, including six-story apartment buildings and two-story townhouses.

The complex has a 93% occupancy rate, but Lawton notes the south suburbs has been a strong submarket. "Data published by REIS shows that over the past year, occupancy rates in the south suburban Cook County market have outperformed both the Chicago and the Midwest US averages," Lawton says. "This submarket stood at over 96% occupancy at the end of the second quarter."

Instant Insights /

Multifamily Owners Put Three Assets on Market for $105M

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