California Real Estate Firm Invests 75 Million in Streeterville Apartment TowerBy Socialhood News · Il/Chicago/Streeterville ·
Streeterville's real estate market received a significant vote of confidence this week as California-based FPA Multifamily purchased a 50-story apartment tower for nearly
75 million. The transaction, which closed on December 2, 2025, represents the highest price paid for a Chicago apartment building in more than two years.The 398-unit residential tower at 340 East North Water Street, formerly known as North Water Apartments, stands as a testament to Streeterville's enduring appeal to investors despite challenging market conditions. The deal is particularly noteworthy as it marks a significant investment in downtown Chicago's apartment sector at a time when the city is experiencing a nearly 30-year low in new rental units added to the market.
This major investment signals continued faith in Streeterville's desirability as a premier residential neighborhood, potentially encouraging further development and enhancement of community amenities. Residents can expect to see the new ownership bring fresh energy to the property while maintaining its status as one of the neighborhood's landmark residential towers.
Sources:
1. https://www.chicagobusiness.com/commercial-real-estate/fpa-multifamily-venture-buys-streeterville-apartment-tower
2. https://www.connectcre.com/stories/fpa-multifamily-buys-175m-streeterville-residential-tower/
By Socialhood News · Il/Chicago/Streeterville ·
Streeterville's real estate market received a significant vote of confidence this week as California-based FPA Multifamily purchased a 50-story apartment tower for nearly
The 398-unit residential tower at 340 East North Water Street, formerly known as North Water Apartments, stands as a testament to Streeterville's enduring appeal to investors despite challenging market conditions. The deal is particularly noteworthy as it marks a significant investment in downtown Chicago's apartment sector at a time when the city is experiencing a nearly 30-year low in new rental units added to the market.
This major investment signals continued faith in Streeterville's desirability as a premier residential neighborhood, potentially encouraging further development and enhancement of community amenities. Residents can expect to see the new ownership bring fresh energy to the property while maintaining its status as one of the neighborhood's landmark residential towers.
Sources:
1. https://www.chicagobusiness.com/commercial-real-estate/fpa-multifamily-venture-buys-streeterville-apartment-tower
2. https://www.connectcre.com/stories/fpa-multifamily-buys-175m-streeterville-residential-tower/