CBRE Arranges Sale of 240 Unit Xavier Apartments

CBRE has arranged the sale of Xavier Apartments, a 240-unit multifamily community located in Chicago’s Near North neighborhood. The Green Cities Company sold the property to Morguard NAR U.S. Holdings LLC., a subsidiary of Canadian REIT, Morguard North American Residential REIT (TSX:MRG.UN) in a transaction that closed March 29th, 2023. A sale price was not disclosed.

CBRE’s John Jaeger and Justin Puppi represented the seller, The Green Cities Company, in the transaction.

Built in 2015, Xavier Apartments is LEED Gold certified and boasts a modern sustainable design. Amenities at Xavier include two outdoor terraces with unobstructed city views, a modern fitness center and adjacent yoga deck, a sundeck with pool, rooftop lounge, and an abundance of indoor and outdoor community space.

“The proximity to four major upcoming developments will bring thousands of jobs and new amenities to the area, fueling renter demand in the near and long term,” said Jaeger.

Chicago was recently ranked 4th in the country when comparing February 2022 to February 2023 year-over-year rent growth according to Yardi Matrix, a trend that CBRE believes this trend will continue due to Chicago being a supply constrained market and strong rental demand.