DWS Group, an affiliate of Deutsche Bank, and Naperville, IL-based developer Marquette have enlisted the services of CBRE to market Catalyst – a 223-unit property located at 123 N. Des Plaines St., as reported by Crain’s Chicago Business. The 20-story apartment building was developed by Marquette in 2014 before the West Loop construction boom took off.
2014 West Loop Apartments for Sale in ChicagoThe co-owners are looking for a buyer amidst an apartment market with strong rents but weak investment sales according to Crain’s report . Nevertheless, Catalyst may attract attention from value add buyers – investors who look for opportunities to renovate apartment buildings and raise rents afterwards. As the building is nearing 10 years old now it could benefit from additional investments in order to maintain its luxury status.
Darren Sloniger – former CEO of Marquette who still owns stake in Catalyst – commented on this matter: “I think everybody feels like it’s a great value add opportunity because it was developed in 2013/2014.”
