River North Real Estate Market Buzz: Berkshire Residential and Chicago Developer in Talks for Property Sales.
Boston-based Berkshire Residential Investments has put its 292-unit Eight O Five apartment tower in Chicago's River North neighbourhood up for sale, hiring CBRE to market the property. The 32-storey high-rise was bought for $112.5m in 2016, but the current state of the downtown multifamily investment market means it is unlikely to fetch anything close to that price. Despite occupancies and rents remaining high, rising interest rates, investor caution and a lack of enthusiasm for Chicago have depressed values of big downtown apartment buildings over the past year or so.