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Highlights
CedarSt Companies completed its third major Chicago multifamily acquisition in under a year, purchasing Avra, a 198-unit West Loop apartment tower developed by Tandem, for $66 million.
Brokers report strong enthusiasm and new capital sources targeting the Chicago multifamily market, citing favorable rent growth expected to continue due to limited new development compared to other major U.S. cities.
This deal extends CedarSt's local portfolio following recent large acquisitions, complementing the firm's plans for new ground-up development in areas like Uptown and Fulton Market.