A Utah investor has shelled out $119 million for Exhibit on Superior, a 298-unit apartment tower in Chicago’s River North, adding another big-ticket multifamily trade to this summer’s deal flow. The 34-story high-rise at 165 West Superior, which opened in 2017, includes studio through three-bedroom units, ground-floor retail and a full slate of resident amenities. Terms of the sale and financing were not disclosed.
Deal details
According to CoStar, Utah-based Highland Partners is the buyer, and the sale closed at roughly $119 million. The coverage names Ben Frazer as an investment principal and co-founder of the firm. The transaction was reported by CoStar on July 9, 2026.
The building and amenities
Developer Magellan’s project materials describe Exhibit on Superior as a 34-story, 298-unit rental tower at 165 West Superior, with about 16,441 square feet of retail space and 110 parking spots. The firm highlights a full amenity floor known as “Howie’s,” a 75-foot lap pool, an outdoor deck with cabanas and an 8,400-square-foot landscaped plaza. Magellan also lists total development costs at roughly $113.3 million and notes that the building reached initial occupancy in 2017. Magellan Development Group
Who handled the sale
Industry reporting identified members of CBRE’s Chicago multifamily team as contacts on the deal, specifically Justin Puppi, Jason Zyck and John Jaeger. The trio are regulars on institutional apartment listings around Chicago, and their involvement here fits the building’s profile as an institutional-quality downtown asset marketed to larger capital sources.
What the price says about River North
At about $119 million for 298 units, the sale price works out to roughly $399,000 per apartment, underscoring the premium investors continue to pay for well-located, amenity-heavy product in the city’s core. At the same time, Chicago has seen a steady stream of new multifamily deliveries in recent years, keeping fresh supply in the pipeline across several downtown submarkets even as demand for high-quality rentals remains solid. CBRE provides additional context on those downtown deliveries and the broader multifamily supply picture.
What’s next
The new owner inherits the on-site operations and existing lease roster, and it remains to be seen whether Highland Partners will pursue capital improvements, rebranding or a light-touch hold. For now, the trade stands as another data point that investors are still willing to pay up for stabilized, amenity-driven towers in prime River North and downtown Chicago locations.
