chicago-condos & Chicago Real Estate pcherry on 08 Oct 2010 08:44 pm

Aqua Apartment Deal Derailed

October 8, 2010 - Magellan Development’s near-deal to sell the apartment portion of Aqua to Behringer Harvard Multifamily REIT I Inc. is a no-go. Earlier this week Crain’s had reported that Behringer was working towards purchasing a 75% ownership stake in the 474 rental units at Aqua for $189 million. But Crain’s is now reporting that the REIT has decided not to go through with the deal.

One of the conditions that Behringer wanted Magellan to meet was having a completed sale of the hotel portion of the Chicago real estate development. Carlson Hotels Worldwide is planning on buying the 18 floors at Aqua that are designated as hotel space and launching a Radison Blu. But that deal isn’t scheduled to be finalized until later this month.

The article went on to state that Magellan still wants to sell the rental portion of Aqua if the right deal happened to surface. The investment would probably be a profitable one. Even though Appraisal Research Counselors named the Aqua apartments as the most expensive downtown rental units at $2.60 per foot, they are 98.1% occupied.

But you don’t always have to pay that much for great rental home. There are other nice Chicago apartments available with Lake views.

Technorati Tags: , ,

Share and Enjoy:These icons link to social bookmarking sites where readers can share and discover new web pages.
  • digg
  • NewsVine
  • Simpy
  • YahooMyWeb

Comments are closed.