Multifamily N Illinois

Colliers brokers sale of 93-unit luxury West Loop apartment building

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Colliers International | Chicago’s Tyler Hague and Lauren Stoliar represented Newcastle Limited in the acquisition of Jackson Throop Place in Chicago’s West Loop neighborhood from Michigan Avenue Real Estate Partners. The 93-unit luxury apartment building is located at 1241-1245 W. Jackson Boulevard in Chicago.

“The West Loop remains red hot despite current market headwinds,” said Hague, a vice president. “Our client was able to capitalize on robust market conditions in the submarket and secured the deal at an exceptional price. There is a tremendous amount of value-add potential to the property, as the West Loop continues to flourish.”

The four-story Jackson Throop Place was built in 2016 and offers 93 luxury finish apartments. The building includes 18 one-bedroom/one-bathroom, 72 two-bedroom/two-bathroom and three three-bedroom/two-bathroom units. The spacious apartments include high-end finishes and a heated parking garage and are within walking distance of many of the restaurants, boutiques and conveniences of the West Loop.

“We are seeing strong demand for rental apartments in the West Loop from employees of the area’s new corporate tenants. They want to live close to work and have access to great restaurants, entertainment and transportation,’ said Mike Haney, CEO of Newcastle Limited. “All of which make this property another great addition to our West Loop footprint and growing Chicago portfolio.”