JLL arranged the sale and financing for a luxury apartment building in Chicago’s Fulton Market

CHICAGO, Oct. 1, 2024 – JLL Capital Markets announced today the sale and acquisition financing for The Parker, a Class A 227-unit luxury apartment building located in Chicago’s dynamic Fulton Market submarket.

JLL represented the seller, institutional investors advised by J.P. Morgan Asset Management and Atlantic Residential, in the sale to JDL Development. Working on behalf of the new owner, JLL also secured the fixed-rate, five-year acquisition loan with Northwestern Mutual Life.

Developed by Atlantic Residential, Shapack Partners, and Focus Development in 2016, The Parker is highly occupied, offering a mix of units ranging from studios to three-bedrooms. The 29-story building features panoramic views of downtown Chicago and boasts top-tier amenities. These include a fitness center, yoga studio, rooftop pool, club room with demo kitchen, work-from-home space, outdoor dog run, indoor dog wash, private parking garage, package concierge system, dry-cleaning pickup lockers and bicycle storage.

Located at 730 W Couch Place, the property is situated in the eastern section of Fulton Market, which is widely considered the most desirable area of this dynamic neighborhood. The building's proximity to Chicago's top employers makes it an ideal home for professionals, while its location just steps from the renowned Randolph Street Restaurant Row ensures a vibrant dining and social scene at the doorstep. In recent years, Fulton Market has also experienced a significant boom in Class A retail, hotel and office developments, further enhancing the area's appeal and solidifying its status as one of Chicago's most sought-after neighborhoods.

The JLL Investment Sales and Advisory team was led by Managing Directors Kevin Girard and Mark Stern along with Director Zach Kaufman, Associate Jennifer Hull and Analyst Colleen Watson. Meanwhile, Senior Managing Directors Danny Kaufman and Matthew Schoenfeldt alongside Directors Medina Spiodic and Mary Dooley, Associate Rebecca Brielmaier and Analyst Youngsoo Yang secured the acquisition financing.

“The Parker exemplifies the transformation of Fulton Market,” said Girard. “Once an industrial hub, the area has evolved into a vibrant neighborhood, becoming magnet for restaurants, bars and Fortune 500 firms alike. The Parker's strong performance and growth potential in this dynamic setting make it an exceptional investment, reflecting continued confidence in high-quality multifamily assets in strategic urban locations."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Atlantic Residential is based in Atlanta, Georgia and is a privately held multi-housing and mixed-use owner, developer, and manager with extensive experience on projects in Chicago and other major markets in the Midwest and Southeast. Founded by Richard and Andrew Aaronson in 1995, the firm has developed over $3.0 billion of new construction with 11,000 residential units over the last 25 years, The firm has an industry reputation for developing and managing premium quality garden style, mid-rise, and high-rise multifamily and mixed-use projects in urban and suburban markets.

Premier developer of luxury high-rise residential communities in downtown Chicago. JDL’s executive team brings more than 60 years of combined real estate experience to projects ranging from $100MM to more than $900MM. JDL has delivered more than 2,500 units over the last 10 years.