Why these apartments are selling for 'just' $66 million: Origin Investments is paying a lot less than it otherwise would have for the West Loop property.

A Chicago investment firm is paying $66 million for a West Loop apartment development, a deal that shows how property tax jitters are depressing property values. Origin Investments is buying Monroe Aberdeen Place, a 120-unit project completed in 2018, from its developer, Michigan Avenue Real Estate Group, according to an online presentation for Origin investors. At $550,000 per unit, the sale ranks among the most expensive Chicago apartment deals in the past two years, but the price would be even higher if Origin didn't factor in a hefty property tax hike at the property. [Extracted from the article]