With paint barely dry, West Loop apartment building fetches $82 million

Photo from Crain's Chicago Business

By: Alby Gallun | July 29, 2015 | Crain's Chicago Business

A brand-new West Loop apartment building is selling for about $82 million, generating a quick profit for its developer amid a sizzling downtown rental market. LaSalle Investment Management, the investment arm of Chicago-based Jones Lang LaSalle, is buying JeffJack, a 190-unit project at the southwest corner of Jefferson Street and Jackson Boulevard that just opened in April, according to people familiar with the transaction. LaSalle is paying JeffJack's developer, a joint venture between architect and developer Thomas Roszak and technology executive Dan Moceri, roughly $82 million, or about $432,000 a unit, for the building, one of the newest in a long line of apartment towers that have sprouted in downtown Chicago the past several years. Read More...