Chicago Apartment Tower Sold for $110 Million
A 310-unit residential property in Chicago has changed hands, highlighting ongoing activity in the city's housing market.
Updated on Oct. 6, 2026 in Apartments
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Next Apartments at 347 West Chestnut Street was sold by Fifield Companies to Pacific Coast Capital Partners for $110 million. The transaction for the 310-unit residential tower was recorded in property tax records in October 2026.
Why it matters
The sale reflects the ongoing valuation of high-density housing in Chicago as the city prepares for a projected influx of new multifamily units. This transaction provides a benchmark for property values in the competitive downtown apartment sector.
The sale price equates to approximately $355,000 per unit for the 28-story tower. This valuation follows Fifield Companies' initial $70 million construction loan and a subsequent $95 million refinancing in 2018.
The players
Fifield Companies
A Chicago-based real estate developer and manager focused on luxury residential properties.
Pacific Coast Capital Partners
A Los Angeles-based investment firm specializing in real estate credit and private equity.
The details
The Next Apartments property, which includes 5,700 square feet of ground-floor retail space, was completed by Fifield Companies in 2016. The transition from the original developer to the Los Angeles-based Pacific Coast Capital Partners represents a shift in institutional ownership for the site. Local market observers are watching how this sale price interacts with the broader pipeline of 4,000 multifamily units expected to be delivered across Chicago by the end of 2026.
Timeline
2015: Fifield Companies purchased the development land for $7 million.
2016: The Next Apartments project was completed.
2018: The property was refinanced with a $95 million loan.
October 2026: The sale of Next Apartments was officially recorded.
Money Landscape
The sale of Next Apartments occurs as Chicago prepares for the projected delivery of 4,000 new multifamily units by the end of 2026. This transaction underscores the current valuation of established rental assets as the city's housing pipeline continues to expand.
For current or prospective tenants, shifts in ownership of large-scale properties can occasionally lead to changes in management, billing systems, or lease renewal policies. Residents should review their existing lease terms and consult with a professional if they have questions about their rights.
The takeaway
Large-scale property transactions are a routine part of the real estate cycle and typically do not impact the immediate terms of a signed lease. Tenants should always retain a copy of their signed lease agreement and reach out to property management to confirm any procedural changes after a sale.
Further reading
For more information on the local rental market, visit our Apartments section.
Source note: This article includes information reported by The Real Deal New York.
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