T
he Opus Group has cashed out on its investment in Dash Downers Grove, a 7-story, 167-unit multifamily property in suburban Chicago, selling it to Nuveen for $65 million. The sale price works out to approximately $389,000 per unit and is likely to generate a significant profit for the developer, which took out a $35 million construction loan in 2021 to fund the project. At the time of sale, the property was about 91% leased with an average monthly rent of $2,738.

    The sale comes as suburban Chicago's multifamily market continues to gain traction, with RentCafe ranking it as one of the top markets in the country. Despite a tight lending environment and high construction costs, demand for apartments remains strong, with just 2,500 Class A units expected to come online this year compared to 3,500 last year.

    In another notable sale, JLL's investment arm sold its 28-story West Loop tower at 180 North Jefferson Street for $76 million, 20% less than its last sale price of $96.4 million. Nuveen has been actively acquiring multifamily assets in the Chicagoland area, including a 336-unit complex in north suburban Vernon Hills for $103 million last year.