03.16.20
Connect Chicago: Origin Buys Stabilized Multifamily Build in West Loop
Origin Investments acquired Monroe Aberdeen Place, a 120-unit apartment building in the West Loop, for $65.8 million. The seller and original developer of the property was Michigan Avenue Real Estate Group.
Kiser Group represented Origin Investments in the off-market deal. The property was completed in 2018, and was 99% leased at the time of acquisition.
“Monroe Aberdeen came on line only two years ago, and while it is a stabilized asset, there continues to be great opportunity to maximize net operating income and the value of the property at this popular, high-quality asset,” said Thomas Briney, director at Origin Investments.
He added that the project’s location, the quality of construction and the “unique value creation opportunity” persuaded the Origin team to move forward on the deal, despite the uncertainty surrounding property taxes in Chicago and Cook County.
