Chicago's 76-story NEMA Chicago apartment building, one of the city's tallest skyscrapers, is up for sale, and industry experts predict it to be one of the highest property sale prices in recent years, according to NBC Chicago. Miami-based developer Crescent Heights appointed commercial real estate company CBRE to market the luxury tower, which contains 800 units and is located in the sought-after area of Chicago's South Loop neighborhood, Crain's Chicago Business reports.

NEMA Chicago, constructed in 2019, presents an array of luxury apartments. These range from 485-square-foot studios to sizeable three-bedroom units. The building boasts a raft of high-end amenities, featuring the city's fastest residential internet, smart-home-ready units, touchless elevators, and a 70,000-square-foot amenity area inclusive of an indoor pool, sports courts, a golf simulator, and a 10,000-square-foot outdoor deck and pool, states NBC Chicago.

Despite a market dip due to high interest rates, which generally lowers commercial property values and decreases apartment sales, NEMA could command a high price if the market continues to perform as it recently has. Despite some decline in apartment sales, Chicago has been seeing strong rent growth, reports Crain's Chicago Business. Class A downtown apartment buildings have experienced an average monthly net rent increase of 3.3% to $3.76 per square foot in the second quarter of 2023. NEMA Chicago's occupancy rate currently stands at 96.5%, with average rents of $3,022 and $6,691 for lower and upper floors respectively.

It remains unclear what the final sale price will be for the building if it sells. It is indicated in marketing materials that the developer is considering joint venture or recapitalization investment strategies, in addition to a full-scale sale, as reported by Crain's Chicago Business.

Interestingly, Crescent Heights also owns the vacant lot at 1201 S. Michigan Ave., which is adjacent to NEMA Chicago, and is currently for sale with CBRE. This lot is zoned to permit a tower of equivalent height to NEMA Chicago, providing a prime development opportunity for potential investors in the South Loop area, as recorded earlier.