Multifamily Midwest

RREEF pays $107M for Cityfront Place

RREEF, the real estate investment business of Deutsche Bank’s Asset Management division, through its fund RREEF America REIT II, has acquired Cityfront Place, a multifamily residential tower in Chicago for $107 million.

RREEF, the real estate investment business of Deutsche Bank’s Asset Management division, through its fund RREEF America REIT II, has acquired Cityfront Place, a multifamily residential tower in Chicago for $107 million.

Cityfront Place, located at 400 North McClurg Court in Chicago, is a 480-unit, 40-story multifamily residential tower built in 1991. The property, located along the Chicago River within the Streeterville neighborhood of the Gold Coast/River North submarket, has unobstructed views of Lake Michigan and the Chicago skyline, and is in close proximity to public transportation, cultural attractions and employment.

RREEF has developed two multifamily high-rise projects in Downtown Chicago during the last six years and owns more than 9 million square feet of retail, residential, industrial and office properties throughout Chicago and the surrounding suburbs.