{"id":1004034234,"date":"2011-11-16T05:22:51","date_gmt":"2011-11-16T13:22:51","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004034234"},"modified":"2022-12-09T01:52:20","modified_gmt":"2022-12-09T09:52:20","slug":"159m-chicago-apartment-complex-picked-up-by-rp-holdings","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/159m-chicago-apartment-complex-picked-up-by-rp-holdings\/","title":{"rendered":"$159M Chicago Apartment Complex Picked Up by RP Holdings"},"content":{"rendered":"<p><strong>November 16, 2011<\/strong><br \/>\n<em>By Nicholas Ziegler, News Editor<\/em><br \/>\n<a class=\"highslide\" href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/11\/111611-RegentsParkChicago.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004034235\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/159m-chicago-apartment-complex-picked-up-by-rp-holdings\/111611-regentsparkchicago\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/11\/111611-RegentsParkChicago.jpg\" data-orig-size=\"500,371\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"111611 &#8211; RegentsParkChicago\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/11\/111611-RegentsParkChicago.jpg?w=500\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/11\/111611-RegentsParkChicago.jpg\" alt=\"\" title=\"111611 - RegentsParkChicago\" width=\"300\" height=\"222\" class=\"alignright size-medium wp-image-1004034235\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/11\/111611-RegentsParkChicago.jpg 500w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/11\/111611-RegentsParkChicago.jpg?resize=300,223 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p>In a big Midwest move, RP Holdings L.L.C. just ponied up $159 million for a two-tower, 1,031-unit multi-housing property in the Hyde Park neighborhood of Chicago. Famous for being the home of both the University  of Chicago and Barack Obama, Hyde  Park isn\u2019t a spot in the city overflowing with luxury apartment complexes, making the purchase a good investment for RP.<\/p>\n<p>The seller was an unnamed member of the Crescent  Heights group of companies. Holliday Fenoglio Fowler L.P. marketed the property on behalf of the sellers.<\/p>\n<p>The property includes 7,591 feet of ground-floor retail space in addition to its studio, one-, two-, three- and four-bedroom units. The average unit size is 979 square feet.<\/p>\n<p>Chicago\u2019s outlook for the remainder of 2011 and into 2012 appears to be strong, according to a third-quarter report by services firm Marcus &amp; Millichap. Total employment across the city increased by 0.3 percent for the first half of the year as employers added 10,800 positions to their rolls \u2013 up strongly from the 1,500 jobs created in the previous six-month period.<\/p>\n<p>The Chicago market, according to<em> Commercial Property Executive<\/em>\u2019s sister publication, <em>Multi-Housing News<\/em>, is one driven by demand \u2013 making it extremely landlord-centric currently. \u201dYou have zero growth in the number of apartments in downtown Chicago between 1990 and 2010 and that was really a function of apartment conversions,\u201d Curt Bailey, president of Related Midwest, told\u00a0<em>MHN<\/em>. \u201cThe lack of apartment development was driven by desires among Chicagoans to own real estate. It\u2019s been a really buyer-centric market, so there\u2019s very, very limited product out there.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a big Midwest move, RP Holdings L.L.C. just ponied up $159 million for a two-tower, 1,031-unit multi-housing property in the Hyde Park neighborhood of Chicago. <\/p>\n","protected":false},"author":1201,"featured_media":1004034235,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,21808,13,21752,21742,21785,21749],"tags":[],"class_list":["post-1004034234","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-featured","category-midwest","category-mixed-use","category-latest","category-property-management","category-retail"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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