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Highlights
Highland Partners acquired the 298-unit Exhibit on Superior in River North from Magellan Development for $119 million, marking their largest multifamily purchase in Chicago to date.
The transaction reflects Highland's strategic expansion in the Chicago market, where the firm now balances its $400 million portfolio between Illinois and Utah properties.
The acquisition highlights the current state of Chicago's multifamily market, which is characterized by a supply-demand imbalance, high occupancy rates and a lack of new development due to increasing costs and bureaucratic hurdles.