Downtown Chicago Apartment Building On the Market

A downtown Chicago apartment building has been put up for sale. The 55-story high-rise at Lake Shore Drive and Randolph in Chicago has been placed on the market by the Florida State Board of Administration. The Florida organization purchased the building only 5 years ago for $118 million.

Downtown Chicago apartment buildings are still bringing in big prices, in spite of a lagging rental market. An article in Crain’s Chicago Business reported yesterday that "Chicago real estate consulting firm Appraisal Research Counselors forecasts that downtown apartment building sales could hit $1.3 billion in 2005, shattering last year’s record of $510 million."