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The apartment building with the second-highest net rents in the city ($3.04 per square foot) has just sold to a local investment firm for the highest price per unit in the city's history. 1225 Old Town at Wells & Division, completed late last year by Hines Interests, fetched $632,000 per unit — times 250 units. The commitment of grocer Plum Market distorts the price by $25 to $28M, reports Crains. Nevertheless, a NYC real estate analyst posits that "things are getting silly again," like in the bubble years. But, for the time being, the outsized return-on-investment phenomenon is confined to the big cities and its luxury properties. [Crain, previously]

1225 Old Town

1225 North Wells Street, Chicago, IL 60610 Visit Website