CHICAGO— The real estate investment business of Deutsche Asset & Wealth Management, a division of the Deutsche Bank Group, recently finished its acquisition of 2555 N. Clark St. in Chicago's Lincoln Park neighborhood, on behalf of an institutional client. Through a spokesperson, the firm declined to disclose details of the transaction including the price paid for the building.
The 19-story apartment tower has 162 units, a 96% occupancy rate and 6,884-square-feet of fully-let retail space. Located about four miles north of downtown Chicago, it has attributes, especially the surrounding neighborhood with its up-market restaurants, boutiques and nightlife, which could attract affluent residents. However, although the building has undergone extensive exterior renovations since it was built in 1987, most observers believe it needs some fresh investment in other amenities to fulfill its revenue potential.
"2555 North Clark is a well-designed, multifamily asset located in a vibrant submarket in Chicago that is currently underserved with rental housing units," says Todd Henderson, head of real estate, Americas, at Deutsche Asset & Wealth Management. "We believe this fact combined with an active asset management strategy will allow us to deliver above-average total returns and hold strong long term value for our client."
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