The property is the first middle-market multifamily asset to trade hands in the River North submarket in nearly three years, according to CoStar Group.

“There are a limited number of newly constructed, boutique-sized apartment buildings in this part of the city, which makes them especially appealing to investors when they become available,” said Smazal. “In this case, the property wasn’t formally listed but, through our relationships with the buyer and seller, we were able to arrange attractive terms despite the challenges created by COVID-19.”

Read article: RE Journals