A major multifamily landlord based in Chicago has paid more than $134 million for a 275-unit tower in the city’s West Loop, making one of the largest purchases in an active year downtown.
Amli Residential earlier this week bought the 19-story Milieu tower at 205 S. Peoria St., according to online property records.
The sale price was larger than all but three transactions in the city in 2025. The seller was Pacific Life Insurance.
It adds to an active year for multifamily sales volume in the Chicago area, boosted by rent growth that continues to outpace most other major markets.
Earlier this year, several thousand units combined went on the market for sale over just a few months, with landlords testing the waters amid reduced multifamily construction in recent years and steadily rising rents compared with parts of the country that experienced overbuilding.
Topping this year’s sales was a $175 million deal for the 398-unit North Water Apartments in November, the highest price in the city since 2023.
Other larger deals were the $170 million sale of the 375-unit Fulbrix tower in Fulton Market and the $151 million sale of the 451-unit Left Bank tower at 300 N. Canal St.
Before the Milieu deal, there already was $4.5 billion invested so far in 2025 on Chicago-area multifamily properties, according to CoStar data. That is higher than any full-year total since 2022, when sales totaled $5.9 billion.
Mutz and fellow Chicago lawyer John Allen founded Amli in 1980, according to the firm’s website.
The firm went public in 1994 as Amil Residential Properties Trust, before Morgan Stanley Real Estate Investing paid $2.1 billion to take it public in 2006.
Amli remains a Morgan Stanley subsidiary. The company owns more than 25,000 units across eight U.S. markets, including Chicago, according to the website.
Pacific Life did not immediately respond to a request for comment from CoStar News on Friday. Mutz declined to comment.
Milieu includes 215 parking spaces, a rooftop pool and deck and other amenities, according to a brochure from JLL, which began marketing the property for sale in July. At the time, the tower had 96% in-place occupancy with new leases coming at 5% increases year-to-date, the brochure said.
Pacific Life developed the tower with White Oak Realty Partners and Crayton Advisors. The property was completed in 2019 and later financing with a $86 million loan in 2021, according to Cook County records. Pacific Life has since bought out its partners’ ownership interest.
For the record
JLL brokers Mark Stern, Kevin Girard, Zach Kaufman and Betsy Romenesko represented the seller.