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28-story apartment building at 180 North Jefferson Street in the West Loop has sold to Milbourne Capital LLC for $76.3 million, a 20% discount from its original purchase price of $96.4 million in 2016. The sale works out to $278,000 per unit and represents a significant loss for JLL Income Property Trust, which had maintained high occupancy levels and generated substantial net operating income during its ownership period.

    The building is more than 97% occupied with an average asking rent of $2,544 or about $3.32 per square foot. Despite the sale at a discount, Allan Swaringen, president and CEO of JLL Income Property Trust, remains optimistic about the multifamily market, citing strong institutional interest in high-quality properties.

    The firm plans to reinvest its proceeds from the sale into suburban apartment buildings as part of its long-term strategy. Its residential portfolio is valued at $2.6 billion and includes 25 apartment complexes and over 4,500 single-family rentals.

    Meanwhile, the West Loop continues to attract developers, with MZ Capital Partners acquiring The Jax and Fern Hill shifting its Free Market development from condos to rentals in response to changing market demand.