CEDARst and Kayne Anderson Acquire 47-Story Residential Tower in Chicago
By Staff
Chicago-based developer CEDARst Companies announced the all-cash acquisition of a newly built 47-story luxury residential tower in Chicago’s Loop known as Millie on Michigan. The property was acquired through a joint venture with Florida-based real estate investment firm Kayne Anderson Real Estate.
The 300 N Michigan Avenue mixed-use development, which includes Millie on Michigan, was completed in 2022 and includes 289 luxury apartments and 25,000 square feet of retail space. Amenities include a rooftop pool and lounge, coworking spaces, a modern fitness center, a dog run, and integrated smart home features. According to the joint venture, property occupancy was 95%+ at the time of sale.
CEO Will Murphy cited the deal as an opportunity to acquire one of Chicago’s top multifamily assets in a supply-constrained market.
The development aligns with CEDARst’s ongoing opportunistic investment portfolio. The sale price was undisclosed, but, according to CEDARst, the acquisition was one of the largest post-pandemic multifamily transactions in Chicago.
Similarly, CEDARst recently broke ground on its first Florida OZ mixed-use development.
Kayne Anderson Real Estate is a real estate investment firm, managing approximately $18 billion in assets under management across opportunistic equity, core equity, and real estate debt, with sector expertise in medical office, seniors housing, off-campus student housing, multifamily housing, and self-storage. Kayne Anderson Real Estate is part of Kayne Anderson, a $38 billion alternative investment management firm.
CEDARst Companies is an integrated real estate developer, headquartered in Chicago. CEDARst currently manages a portfolio of multifamily real estate valued in excess of $4 billion, totaling more than 10,000 units across numerous markets, including Chicago, San Diego, Portland, Minneapolis, and Cleveland.
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