Vista Property Group secured $47.75 million in acquisition financing to close on a $76 million sale with The John Buck Company to purchase 3Eleven, a 245-unit, high-rise multifamily complex in the River North neighborhood of downtown Chicago.
Freddie Mac Multifamily, a subsidiary of the Federal Home Loan Mortgage Corporation, provided financing on the acquisition. JLL Capital Markets arranged the financing on behalf of Vista Property Group.
Hymie Mishan, co-founder and principal at Vista Property, said in a statement that his firm is a “big believer” in the Chicago multifamily market, largely due to its strong demand and continued rent growth through the pandemic dislocation.
“We are very pleased to add the well-maintained and well-located 3Eleven to our growing portfolio of multifamily investments in Chicago,” he said. “We are excited to welcome 3Eleven’s residents into our portfolio and provide them with the exceptional service and amenities they deserve.”
Located at 311 West Illinois Street, in the bustling River North District in downtown Chicago, 3Eleven opened in 2018. The 25-story apartment complex features one-, two- and three-bedroom units encased by floor-to-ceiling windows, while the building itself boasts an outdoor theater on a rooftop terrace, an outdoor pool, a fitness center, a yoga studio, a yoga lounge, and a meditation space.
But the neighborhood itself appears to have been the catalyst that attracted Vista Property Group to the transaction. Steps from the Chicago River, a few blocks from the Merchandise Mart CTA Train Station, near numerous hotels and within the famed River North restaurant row that includes Lou Malnati’s Pizzeria, Bavette’s Bar & Boeuf and Chicago Cut Steakhouse, 3Eleven is situated in a part of town that has weathered the worst of the recent commercial real estate downturn.
“3Eleven’s central location within the River North neighborhood offers a quality of life that is hard to top,” said Mishan. “Within a few blocks, residents can access the Chicago River, the East Bank Club, the Loop, premier shopping destinations, and world class restaurants.”
Brian Pascus can be reached at firstname.lastname@example.org