Deutsche Asset & Wealth Management’s (Deutsche AWM) Alternatives and Real Assets (ARA) business has acquired a 95 percent interest in Catalyst, a 223-unit, 19-story apartment tower in Chicago, IL, on behalf of an institutional client. It was acquired in a joint venture with a local operator and developer of multi-family properties in the central U.S.
The Class-A property is a nearly 218,000 square-foot combination of residential and retail that is 95.5% occupied. The Catalyst is located in very close proximity to Chicago’s Central Business District with a range of transit options as well as walk-able access to not only jobs but dining and entertainment amenities.
“Given its profile as a luxury apartment complex and proximity to a desirable apartment micro-market, we expect the Catalyst to continue to deliver consistent cash returns and long-term value appreciation,“ said Todd Henderson, Head of Real Estate in the Americas for ARA.