An institutional-quality apartment tower in Chicago’s West Loop has changed hands, underscoring ongoing investor appetite for recently delivered multifamily assets in the urban core. The 20-story Avra West Loop property at 1125 W. Van Buren St. traded for $66 million.
Chicago-based Tandem sold the 198-unit tower to Cedar Street. Tandem originally built the high-rise in 2021, positioning it as a modern multifamily community in the rapidly evolving West Loop neighborhood. The transaction keeps the asset in the hands of local ownership groups active in the Chicago apartment market.
CBRE advised Tandem on the sale. A capital markets team consisting of John Jaeger, Justin Puppi, and Jason Zyck represented the seller in the transaction, bringing Cedar Street to the deal. The sale adds another recently built, mid-rise-plus asset to Cedar Street’s growing Chicago multifamily portfolio.
Cedar Street financed its acquisition of Avra West Loop with a senior loan. Nuveen Real Estate provided a $49.5 million mortgage, which was arranged by Berkadia Managing Director Michael Slovitt. The financing structure highlights the role of non-bank institutional lenders and intermediary-led capital placement in current multifamily transactions.
The Avra transaction is part of a broader expansion push by Cedar Street across Chicago. In December, the company completed the $34.6 million acquisition of The Weyland, a seven-story, 132-unit multifamily community at 1980 N. Milwaukee Avenue, located between the Bucktown and Logan Square neighborhoods. That deal further entrenched Cedar Street in the city’s established, amenity-rich residential corridors.
Beyond acquisitions, Cedar Street is also advancing new development activity. The firm recently secured a construction loan from Associated Bank for a five-story, 40-unit apartment building at 4725 N. Clifton Ave. in Chicago. The project has been described as transit-oriented, aligning the company’s pipeline with demand for multifamily housing near public transportation. Taken together, the sale of Avra West Loop, the purchase of The Weyland, and the new construction financing illustrate Cedar Street’s multi-pronged strategy of buying stabilized product, acquiring mid-rise communities in infill neighborhoods, and adding new supply in transit-served locations.
