(To read more on the multifamily market, click here.)
CHICAGO-A European private fund, guided by London-basedStrategic Real Estate Advisors, has purchased the 56-story,mixed-use Grand Plaza apartment tower at 540 North State St. Thebuilding is worth about $300 million, says a source close to thedeal. The fund is named Grand Plaza Owner LLC, based inSwitzerland.
The property was developed from a venture combined of MarovitzGroup, Magellan Development Group, US Equities Realty LLC,Loewenberg + Associates Inc. and Anthony Belluschi/OWP & PArchitects. StratReal will run the building as a rental property,while U.S. Equities and NNP Residential will continue to performonsite management of the building, said StratReal in a statementJan. 24.
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