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Highlights
A joint venture of Intercontinental Real Estate and Magellan acquired the 42-story, 332-unit apartment tower at 73 East Lake Street in Chicago for $126 million from M&R Development.
The sale is the largest multifamily transaction in Chicago so far in 2026, setting a new high-water mark for the year at roughly $380,000 per unit.
The deal signals an institutional bet on Chicago's apartment market, which is experiencing strong rent growth and scarcity due to a severe slowdown in new construction.