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The real estate investment side of Deutsche Bank, RREEF recently announced it had purchased a trio of properties for a total of $151 million.
The purchases include two multifamily buildings in Seattle - Eden Hill and Sweetbriar - which were sold for $44 million and the Cityfront place residential tower in Chicago for $107 million.
The 480-unit Cityfront property was acquired from Cityfront Chicago. The property is 96 percent occupied, GlobeSt.com reports.
The owner of the building originally purchased the property for $82 million in 2009 and put it on the market earlier this year. Rental demand for Class A property has seen a significant increase over the last 20 years in these areas. The new owners plan to add a resident lounge, improve building infrastructure and make renovations to hallway and unit interiors in the buildings, according to the news source.
"(We) believe that the confluence of limited new supply and enhanced demand is setting up conditions for strong rent growth over the near term. Submarket vacancy is forecast to continue to drop below historical averages and into the high-2 percent range in 2012. Additionally, improving market fundamentals are expected to be strengthened during the near term by a two year window of very limited new supply," a Deutsche Bank spokeswoman told GlobeSt.com.
