An investment firm out of San Francisco has paid $48 million for the bulk of a failed South Loop condo development, according to a recent report from Crain’s. As noted, FPA Multifamily acquired 165 of the building’s 180 total units, and plans to scoop up the remaining 15 units and turn the entire Terrazio building into apartments.
With downtown Chicago’s rental market perhaps hotter than it’s ever been, many residential developers are looking for similar condo-to-apartment opportunities all throughout the city, hoping to take advantage of such a strong apartment market.
According to Cook County property records, FPA paid $48.3 million for the 165 units at Terrazio, which as pointed out by Crain’s, is just over the $45.7 million owed on the project when New York-based Amalgamated Bank took over the project from the original developer.
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