Chicago’s South Loop just scored a hefty apartment trade, with an affiliate of RPM Living shelling out $103.5 million for Grand Central, a two-tower, 346-unit rental complex at 221 W. Harrison Street. The sale price is a sharp jump from the $81.9 million paid less than three years ago, a quick flip that underscores how rising rents and tight supply are pulling big-money investors back into the city’s multifamily market.
Deal details and buyer
Online property records show the complex changed hands for $103.5 million, according to CoStar News. That report identifies the buyer as an affiliate of Austin-based RPM Living and notes that Waterton had put the property on the market last summer. The latest trade puts a new benchmark on the asset at a time when higher borrowing costs have made big-ticket deals harder to pencil out.
What the complex is
Waterton paid about $81.9 million for the connected 14-story towers in October 2023, as reported by The Real Deal. The development, completed in 2020 and marketed as The Grand Central, contains 346 units across 207 and 221 W. Harrison Street, according to the property profile from Wood Partners. Newmark brokers were among those who marketed the asset during the sale process, The Real Deal noted.
Why buyers are circling
Chicago’s apartment market has chalked up stronger rent gains than many other major U.S. metros, and that momentum is helping pry open investors’ wallets. Multifamily sales volume in the Chicago area reached roughly $6.3 billion over the past year, a nearly 30 percent increase, according to CoStar News. Those numbers are encouraging landlords to test pricing and pushing institutional buyers to chase stabilized, well-located buildings like Grand Central, even with financing costs still elevated.
RPM’s local push and what to watch
The Grand Central buy extends RPM’s recent shopping spree in the region. The firm paid about $102 million in March for Orland Ridge, a 294-unit build-to-rent community southwest of the city, according to Hoodline’s coverage of the $102 million Orland Ridge deal. For Chicago renters and investors, the Grand Central trade highlights how tight market fundamentals can still outweigh higher borrowing costs, and it has other downtown tower owners watching closely to see whether more high-rise sales follow this year.
