L&B Realty Puts Down $110M For Chicago Apartment Tower

Law360, New York (March 14, 2012, 4:26 PM EDT) -- Real estate investment firm L&B Realty Advisors LLP has agreed to purchase a 221-unit apartment building in downtown Chicago for $110 million from developers RMK Management Corp. and Moran & Co., sources close to the matter said Wednesday.

The $498,000 per unit price is one of the highest ever for a downtown apartment building, sources said, indicating that last year's vast uptick in multifamily sales in the area may continue this year. Apartments in the tower, known as Parc Huron, are some of the most expensive...
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