Last year, a 141-unit apartment building located along the Chicago River was sold by Charlotte-based Barings at a 26 percent loss. The property, known as Mondial River West and situated at 910 West Huron Street, was purchased for just over $42 million by Illinois investment firm Exposition Capital. This price is significantly lower than the $57.5 million that Barings paid for it ten years ago.
According to Crain’s , Pete Evans of real estate firm Berkadia represented Barings in the sale of Mondial. The property was previously owned by Cornerstone Real Estate Advisors before being acquired by Waterton in 2011 and then transitioned into apartments.
The location of Mondial is strategically close to Bally’s planned casino project worth $1.7 billion, making it an attractive investment opportunity for Exposition Capital and other buyers interested in multifamily properties in this area.
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