CHICAGO-Englewood, CO-based Archstone-Smith has put the 480-unit Park Millennium multifamily rental building on the market, with its eventual asking priced expected to set a record for the Downtown market. Part of the New East Side neighborhood, brokers expect the building at 222 N. Columbus Dr. to easily crack the $100-million mark.

The Chicago office of Holliday Fenoglio Fowler, LP, which won the exclusive listing agreement to market the property overlooking the Lakeshore East development, is taking the building to market without a price tag. However, brokers familiar with the market would not be surprised if the price ends up in the neighborhood of $150 million.

Capitalizing on a market that continues to see low capitalization rates and plenty of capital chasing few deals, Archstone-Smith already has shed its 457-unit Plaza 440 for a reported $107 million. That 13-year-old building is being converted to condominiums.

Although the Downtown multifamily sales market has been dominated by private investors and condominium converters, Holliday Fenoglio Fowler senior managing director Matt Lawton expects just one of those two groups to be among the bidders. Condo converters and pension funds are most likely to make offers on the first class A, recently stabilized asset to hit the market in a decade. “I think they’ll be pent-up demand,” Lawton tells

A deal could be done by November, Lawton adds. “We definitely are looking to get this done this year,” he says.

Built in 2002, the building was 91% occupied in the second quarter, according to Appraisal Research Counselor’s most recent “Residential Benchmark Report.” The building includes units ranging from 525-sf studios, which rent for $1,000 and up; to 1,850-sf three-bedroom units, which top out at $4,500 a month. The average unit is 901 sf, according to Appraisal Research Counselors, and rents for $1,640 a month. While leasing agents there no longer offer concessions, the $1.82 per sf average rental rate at Park Millennium is lower than eight comparable “super luxury” Downtown properties, the firm’s benchmark report notes.

Millennium’s amenities include a 24-hour front desk with concierge service, two fitness centers, swimming pool and ground-floor retail space that is expected to include a Bockwinkel’s Market. Units include private balconies and floor-to-ceiling bay windows.

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