An investment fund managed by UBS has sold its majority stake in Addison & Clark, a seven-story apartment and retail complex located across from Wrigley Field that opened in 2019. According to Crain’s Chicago Business, the developers took a significant loss on the property, selling it for $100 million – approximately $80 million less than what it cost to build.
In late April of 2021, Dinerstein – a Houston-based multifamily investor – effectively bought out the UBS fund through recapitalization. The two local partners of the fund (M&R Development and Bucksbaum Properties) reinvested into building ownership as part of this transaction.
At 145,000 square feet with 148 apartments available for rent or sale at opening time in 2019; Addison & Clark seemed like an attractive opportunity when construction began three years prior; however COVID-19 drastically changed market conditions shortly after its completion which caused difficulties for all involved parties according to M&R Chairman Tony Rossi who spoke with Crain’s about this situation .
