Weeks after pulling off the highest-priced multifamily sale in Chicago since 2023, a California investor has paid $89 million for a nearby tower in the Streeterville neighborhood.
An affiliate of San Francisco-based FPA Multifamily on Wednesday bought the 263-unit tower at 420 E. Ohio St., according to online property records.
The 41-story building is about two blocks from North Water Apartments, the 398-unit residential portion of a 50-story hotel and apartment tower at 340 E. North Water St. that an FPA affiliate bought in November for almost $175 million.
That was the highest-priced multifamily sale in Chicago since August 2023.
The sale price for the Ohio Street tower was less than the $109 million that Portland, Oregon-based Green Cities — then known as Gerding Edlen — paid amid high real estate values in 2016.
Both FPA Multifamily acquisitions are in the downtown neighborhood that runs along the Magnificent Mile, Lake Michigan and the Chicago River.
Those deals are part of a broader pickup in multifamily deals this year in the Chicago area.
Not including the 420 E. Ohio deal, a combined $4.8 billion has been spent on multifamily purchases this year, already well above the full-year $3.9 billion last year. That is the highest volume in any full year since $5.9 billion in 2022, according to CoStar data.
Green Cities hired CBRE brokers to sell the tower in June, during a period of a few months when thousands of combined units of high-rise units downtown hit the market.
In many cases, properties have sold for less than previous valuations after years of rising borrowing costs and other challenges. But rent gains in Chicago that have outpaced most major markets in the country throughout 2025, combined with several upcoming mortgage maturities, have led owners to test the market.
Green Cities and FPA Multifamily did not immediately respond to requests for comment from CoStar News on Friday.
Gerding Edlen refinanced the tower with a $74 million loan from Prudential Insurance in early 2023, Cook County property records show.
At the time 420 E. Ohio went on the market, it was less than 3% vacant. CBRE brokers billed the offering as a chance to upgrade units and amenities such as the pool deck to further push up rents.
Even before its deals in Streeterville, FPA Multifamily had been an active buyer and seller in the Chicago area.
Earlier this year, the firm sold a 604-unit complex in west suburban Naperville for $136 million in the highest-priced suburban sale this year.
Last year, FPA Multifamily paid $144 million for a 500-unit South Loop apartment tower that it now calls Arrive Michigan Avenue.
For the record
The seller was represented by CBRE brokers John Jaeger, Justin Puppi, Jason Zyck and Pete Marino.