CHICAGO-An affiliate of J.P. Morgan Investment Management Inc. has acquired a luxury apartment building in the West Loop for $32.5 million.
The property at 1313 W. Randolph St. was sold by the joint venture of Los Angeles-based Ares Management LLC and local investor Seth Martin. The former owner converted the former warehouse building into 74 high-end loft apartments, according to Crain's Chicago Business.
Ares Management and Martin paid $8.1 million for the 130,000-square-foot building in 2011 and borrowed $12.9 million to finance the development.
Part of the reason why the building went for a high sales price (approximately $439,000 per unit) is because it also includes approximately 31,000 square feet of retail space. See story in Crain's Chicago Business.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
