A&C Ventures, based in Sonoma, CA, recently paid just under $55 million to acquire Lakeview 3200 – a seven-story building at 3200 N. Clark St., Chicago. The property was owned by Standard Cos., an apartment investor from Los Angeles since 2018 and includes 90 apartments and a 29,000-square-foot Target on its ground floor which was completed in 2016.
Investors have been wondering what has happened to multifamily values since interest rates jumped last year; A&C paid $21 million for the Lakeview building while assuming a $33.9-million mortgage indicating total value of $54.9 million for the property – an increase from the $53 million Standard had initially paid but much lower than past multifamily deals due to rising interest rates that began last year taking much of the froth out of market even pushing values down significantly over time period spanning most part of decade with rising rents and low interest rates previously seen before this shift occurred recently..
