CBRE Arranges Sale of Lake & Wells Apartments

CBRE has arranged the sale of Lake & Wells, a 329-unit, 42-story, mixed-use multifamily tower in the Loop submarket of downtown Chicago. National Real Estate Advisors (National), an investment manager developing and managing large-scale real estate projects, sold the property to The Green Cities Company in a transaction that closed April 27th, 2023. A sale price was not disclosed.

CBRE’s John Jaeger and Justin Puppi represented the seller, National Real Estate Advisors, in the transaction. CBRE’s debt and structured finance team including Pete Marino, Elizabeth Arnold, and Jim Ferris represented the buyer, The Green Cities Company, in procuring financing for the sale.

Built in 2010, Lake & Wells is just steps from Chicago’s Riverfront and Theatre District and is walkable to 120,000,000 square feet of office space within the CBD including some of the most prominent and newer office buildings recently constructed. The building is highly amenitized and includes an indoor swimming pool, state-of-the-art fitness center, and a rooftop with fire pit, grilling stations, lounge area & hot tub.

“This property represents one of the most significant value-add opportunities in Chicago in a high barrier-to-entry market,” said Jaeger. “There are no planned developments or properties in lease-up within an 8-block radius of Lake & Wells which drove interest even higher.”