Luxury Chicago Apartments Sell for $33M

Michigan Avenue Real Estate Group opened the 72-unit Near West Side community in 2016.
Madison Throop Place

Dwelle Properties has acquired Madison Throop Place, a 72-unit luxury community in Chicago’s Near West Side. Michigan Avenue Real Estate Group sold the asset for $32.8 million, according to Yardi Matrix.

The property at 1247 and 1249 W. Madison St. delivered in 2016. Parkway Bank had backed the ground-up development with $37.2 million in construction financing. The two, four-story buildings include a mix of one-, two- and three-bedroom units above street-level retail and covered parking spaces. Floorplans range from 695 to 1,380 square feet. Amenities include a rooftop terrace, bike storage and private balconies.

Madison Throop is one block south of Chicago’s vibrant Fulton Market district, home to major employers including McDonald’s, Google and Dyson. The Loop is a short distance to the east, accessible via multiple public transportation options including three L stations less than half a mile away.

The community is within five blocks of Marquette Cos.’ partially affordable, 278-unit multifamily project at 1400 W. Randolph St. The developer took more than $100 million in construction financing earlier in October.