A Fulton Market rental tower at 166 N. Aberdeen, branded One Six Six, is reportedly being shopped and could fetch roughly $100 million. A sale anywhere near that price would land among the biggest multifamily deals in Chicago in recent years, and the possible listing is the latest sign that Fulton Market's tight cluster of new apartments, restaurants and office space is still catnip for investors.
According to Crain's Chicago Business, brokers have started quietly testing the market for the property, and industry watchers say the early price talk puts the asset firmly in nine-figure territory. Crain's reported the specific address and the potential pricing range in a piece published Thursday.
What One Six Six Is
One Six Six is a 21-story, 224-unit rental tower developed by Greystar on the former Fabbri Sausage Factory site. The project includes 24 ARO units and a $1.87 million contribution to Chicago's Neighborhood Opportunity Fund, per Urbanize Chicago. The building offers a rooftop pool, co-working spaces and a fitness center, and it sits a short walk from the Morgan station.
How The Math Works
A roughly $100 million sale price would work out to about $446,000 per unit for the 224-unit property, a premium number for Chicago but not unheard of in the West Loop and Fulton Market for newer, well-located product. For comparison, Tishman Speyer paid roughly $128 million for the 357-unit Union West in a recent nine-figure Chicago trade, according to Multifamily Dive.
Why Buyers Might Bite
Fulton Market remains one of the city's star submarkets for buyers betting on renter demand tied to nearby offices, restaurants and transit. One Six Six's contemporary finishes and amenity package only bolster its appeal for institutional capital. The building's leasing materials show active leasing and confirm its participation in Chicago's affordable housing program, details that will feed directly into underwriters' spreadsheets and investor appetite, along with unit and ARO information outlined on the developer's community pages.
What To Watch Next
If the property is formally brought to market, the big questions will be who steps up and how they pay. Market watchers will be eyeing whether the winning bidder is an institutional fund, a private equity player or a local owner-operator, and how current higher interest rates shape the offers. Reporting on recent nine-figure multifamily deals suggests that deep-pocketed buyers are still willing to show up for what they view as trophy assets, and a sale at or above $100 million could help reset pricing expectations for other Fulton Market high-rises, per The Real Deal.
County records and any formal offering documents will ultimately confirm if and when a sale actually happens. Until then, the prospect of another nine-figure Fulton Market apartment trade stands as one more data point in a market that still pays up for location and amenities.
