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mTrust RE has acquired the 213-unit Parkline Chicago at 60 East Randolph, a Loop apartment building that began construction in 2019. The property was completed in 2021 after navigating a challenging market with rising interest rates and construction costs. Moceri + Roszak developed the project, taking out a $69 million construction mortgage before refinancing it for $80 million.

    The purchase price has not been disclosed, but AmTrust's primary motivators were the property's proximity to Millennium Park, Lake Michigan, and public transportation options. The multifamily market in Chicago has remained relatively strong, supporting sustained rent growth despite a decreased population of office workers in the Loop.

    AmTrust is doubling down on its investments in the Loop, renovating office properties at 1 East Wacker and 33 North Dearborn, and participating in the LaSalle Street Reimagined incentive program to convert a portion of 135 South LaSalle into affordable and market-rate housing. The firm's president, Jonathan Bennett, anticipates an influx of tech professionals to the East Loop over the next few years, driven by Google's renovation of The Thompson Center.

    The office outlook in the Loop remains uncertain, with high vacancy rates plaguing the area. However, multifamily transactions have produced mixed results for sellers in the first half of the year, and real estate insiders expect demand for properties on the northern half of the Loop and River North to increase as a result of the Thompson Center renovation.