Acquired a joint venture interest in the general partner of Marquette 1401 State Street Holding, LLC, which is the owner of 1401 South State Street, a 278-unit, Class A high-rise apartment complex located in Chicago’s South Loop submarket. The Project was constructed in 2008 and was developed by a joint venture between Equity Residential and Lincoln Property Company.
Opportunity to provide equity for a marque asset - a 22 story “urban style” building that has excellent views of both the Chicago Skyline as well as Lake Michigan and offers multiple floor plans including studios, one and two bedroom units, and penthouse units located on the upper floors.
The Project was purchased at a discount to replacement cost and interiors are being upgraded to achieve the market rents at comparable Class A properties
Upon completion of the upgrades and the scale up to market rents, the Fund anticipates an exit from this investment.