The deal marks the final acquisition in the $200 million Western National Realty Fund II. Morgan & Co., Commercial Property Executive reported. Chicago developer Enrico Plati previously planned to build apartments on the site, currently a parking lot owned by the Illinois Institute of Technology, but the deal fell through.Ĭalifornia-based Western National Realty paid $100.8 million to buy Ironwood and Fairway Palms, an expansive 496-unit apartment development, from J.P.
And a venture led by Dan Moceri, cofounder of Convergint Technologies, agreed to buy a property at 601 West Jackson Boulevard in the West Loop neighborhood, with plans to build a 198-unit apartment building there. Breheny, the owner of Chicago-based contractor Contemporary Concepts, is also teaming up with another Windy City company, Campus Acquisitions, on a proposed 12-story, 51-unit apartment building at 707 North Wells Street that will cost about $20 million. In the River West neighborhood, developer Michael Breheny is planning an $80 million, 240-unit residential building with 18,000 square feet of shared office space. A development boom is expected to add about 4,700 apartments to the downtown Chicago market by the end of 2014, Chicago Real Estate Daily reported.
