Fifield Sells Chicago's Next Apartments to PCCP for $110M

Chicago developer Fifield Companies is selling the 310-unit Next Apartments at 347 West Chestnut Street to Los Angeles-based Pacific Coast Capital Partners for $110 million, according to a pending sale recorded in property tax records. The price equals roughly $355,000 per unit for the 28-story Old Town tower, which also includes 5,700 square feet of ground-floor retail occupied by a nail salon, restaurant and convenience store. Fifield bought the land for about $7 million in 2015 and took a $70 million construction loan from Private Bank & Trust, now CIBC. It last refinanced in 2018 with a $95 million loan from American General Life Insurance. The deal reflects investor demand for Chicago multifamily assets as new supply slows. Fourth-quarter class A downtown rents rose 8.6 percent year over year, according to Integra Realty Resources, while RentCafe reported Chicago's 27-day vacancy is the shortest among large markets.