Greystar Sells 166 North Aberdeen Apartments in Chicago

One of Chicago’s most active multifamily buyers snagged a Fulton Market apartment tower just shy of its $100 million asking price, property tax records show. 

Austin-based RPM Living bought the One Six Six apartments for $99 million after Charleston, South Carolina-based seller Greystar listed it this spring. 

The multifamily tower at 166 North Aberdeen Street in buzzy Fulton Market is a 21-story, 223-unit building. The price comes out to roughly $444,000 per unit.

When it was listed in April, the tower was 95 percent leased, according to the sellers’ brokerage, JLL. Greystar, which developed the One Six Six and completed it in 2023, refinanced the building with a $62 million loan last year, suggesting confidence in the building’s income capability ahead of a potential exit.

JLL brokers Mark Stern, Kevin Girard and Zachary Kaufman had the listing for Greystar. The brokers as well as representatives of Greystar and RPM did not respond to requests for comment. 

The sale comes as new construction remains constrained and rents rise. Fourth quarter class A apartment rents in downtown Chicago jumped 8.6 percent year over year, according to Integra Realty Resources, as elevated construction costs and financing challenges continue to limit new starts.

Meanwhile, RPM has been on a buying spree throughout Chicagoland and has not been shying away from $100 million-plus deals. 

In March, RPM bought a build-to-rent single-family and townhome community in Orland Park for $102 million. 

Then in June, Waterton sold the Grand Central apartments at 221 West Harrison Street to RPM for $103.5 million. The sale price of $103.5 million is nearly $22 million higher than the approximately $81 million Waterton paid less than two years prior.

And most recently, PGIM sold the 324-unit SoNo East apartment tower in Lincoln Park to RPM for $125.2 million in July, just shy of the $126 million asking price.

Read more