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CHICAGO-Although the Park Lincoln has been on the market this year, owner Archstone-Smith Trust says it has another multifamily high-rise property under contract as well. Both deals are at capitalization rates below 5%, with all indications pointing to condominium conversion.

“The highest and best use is not rental apartments,” says J. Lindsey Freeman, COO of the Englewood, CO-based company during a recent earnings conference call.

The 138-unit Park Lincoln at 2470 N. Clark St. in the Lincoln Park area has been marketed by CB Richard Ellis, notes Appraisal Research Counselors vice president John Jaeger in a recent report. However, strong demand apparently was seen for another asset further south.

Archstone-Smith’s portfolio includes Delaware Place, 1 E. Delaware, Plaza 440, River North Park, McClurg Court Center and I Superior Place, all in the River North, Near North Side and Streeterville neighborhoods. They were once part of the Charles E. Smith Residential portfolio.

Occupancy in Archstone-Smith’s Chicago portfolio is 88%, in line with the overall market, company officials report. Meanwhile, its 480-unit, $112-million Park Millennium project is more than 62% leased, with stabilization expected in the fourth quarter.

In an unrelated deal, the 277-unit Belmont Tower Apartments at 510 W. Belmont Ave. has been refinanced for $16.3 million. Tim Noonan and John Clifford of L.J. Melody & Co.’s Chicago office arranged the loan from a life insurance company.

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