Best-in-class multi-housing property in Chicago sells for $76M

CHICAGO, Dec. 21, 2023 – JLL announced today that it has closed the $76 million sale of and arranged the $47.75 million acquisition financing for 3Eleven, a 245-unit high-rise apartment community located in the renowned River North neighborhood in Chicago, Illinois.

JLL represented the seller, The John Buck Company and their institutional partner, and procured the buyer, Vista Property. JLL represented the borrower to secure the loan through Freddie Mac Multifamily. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender.

Built in 2018, 3Eleven features studio, one- two- and three-bedroom units with contemporary gourmet kitchens, light quartz countertops, wood-style vinyl plank flooring, floor-to-ceiling windows, custom solar shade window treatments, whirlpool stainless-steel appliances, large walk-in closets and in-unit washers and dryers. Community amenities include a rooftop terrace with an outdoor theater and hammocks, a resort-style pool, grilling stations, modern lounge areas with a television and firepit, a state-of-the-art fitness center, a yoga studio and meditation lounge, a chef’s grade demonstration kitchen and a dedicated co-working space. The property serves as the first Fitwell-certified asset in the Midwest and is LEED Silver certified.

Situated at 311 W. Illinois St., 3Eleven is located at the intersection of W. Illinois Street and N. Franklin Street. The property’s location offers residents premier walkability, as well as convenient highway access to I-90/94, which serves as the key north/south highway connecting Chicagoland. Additionally, the Merchandise Mart CTA train station is just .2 miles from the community. 3Eleven is also ideally positioned near the confluence of the Chicago River, steps to most of the new office space downtown that has been sought after by companies’ flight to quality, including the just opened Salesforce Tower. 3Eleven is conveniently walkable to the new and expanding Chicago River Walk, Hubbard Street Corridor, Restaurant Row, Fulton Market and the proposed new home of Google at the Thompson Center.

The JLL Capital Markets Investment Sales Advisory was led by Managing Directors Kevin Girard and Mark Stern, and Director Zach Kaufman. The JLL Capital Markets Debt Advisory was led by Managing Director Chris Knight and Director Mike Brady.

“We are very pleased to add the well-maintained and well-located 3Eleven to our growing portfolio of multifamily investments in Chicago,” said Hymie Mishan, Principal at Vista Property.  “We are big believers in Chicago’s multifamily market, its continued rent growth and strong demand.  3Eleven’s central location within the River North neighborhood offers a quality of life that is hard to top. Within a few blocks, residents can access the Chicago River, the East Bank Club, the Loop, premier shopping destinations, and world class restaurants.  We are excited to welcome 3Eleven’s residents into our portfolio and provide them with the exceptional service and amenities they deserve.”  

JLL delivers multi-housing investors a full range of solutions through one diverse, integrated platform. The division employs approximately 400 professionals who provide comprehensive investment sales and disposition services with access to thousands of domestic and foreign investors. JLL is also one of the nation’s largest affordable and conventional multi-housing and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities. Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated. Loans made or arranged in California are pursuant to a California Financing Law license.

Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated.

JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Vista Property is a New York based real estate acquisition and development firm that focuses primarily on investments in key urban centers and the surrounding neighborhoods, with a particular emphasis on retail, office, and multifamily properties in high density areas. They have purchased over 50 properties in the Chicago and greater metro area alone and have an expanded real estate footprint in the United States and Internationally. The team currently has over $1.0 billion of development projects in their pipeline. Vista Property is led by Hymie Mishan and Saul Sutton.