CHICAGO-Naperville, IL apartment developer Marquette Cos. has agreed to pay JV partners Equity Residential and Lincoln Property Co. of Dallas a reported $70.9 million for a 278-unit apartment tower in the South Loop, according to Crain's Chicago Business. The pending CRE deal represents Equity's exist from the Chicago market.
The asset in question is a high-rise at 1401 S. State St. that was completed in 2008 at a cost of approximately $68.5 million. GlobeSt.com previously reported that Lincoln Property began construction on the multifamily property in 2005; unlike other projects at the time, this project became a rental from the start in direct contrast to the condo craze that gripped the Windy City at that time.
Equity Residential, headquartered here and headed by Sam Zell, announced some time ago that it was exiting the Chicago market to focus on coastal markets such as San Francisco and Washington, DC. In Equity's Q2 2012 earnings call, executives noted that the transactional guidance for the year was still good at $1.25 billion in dispositions and $1.25 billion in acquisitions.
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