Chicago Apartment Tower Sold for $110 Million
The 310-unit Next Apartments building has a new owner after a multi-million dollar transaction.
Updated on Oct. 6, 2026 in Apartments
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Fifield Companies has sold the Next Apartments tower in Chicago to Pacific Coast Capital Partners for $110 million. The 28-story building at 347 West Chestnut Street includes 310 residential units and 5,700 square feet of retail space.
Why it matters
This sale highlights ongoing investment activity in the Chicago multifamily sector. The transaction reflects a significant change in ownership for one of the city's prominent residential properties.
The transaction reflects a price of approximately $355,000 per unit for the building. This follows the property's history, which included a $70 million construction loan in 2015 and a $95 million refinancing in 2018.
The players
Fifield Companies
A developer active in the Chicago market that specializes in multifamily residential projects.
Pacific Coast Capital Partners
A Los Angeles-based investment firm that has acquired the 310-unit residential tower.
The details
The sale of the 28-story tower was finalized and recorded in October 2026. The property, originally developed by Fifield Companies after they purchased the land in 2015, was completed in 2016. Ownership has now passed from the local developer to the Los Angeles-based firm, Pacific Coast Capital Partners.
Timeline
2015: Fifield Companies purchased the development land.
2016: Fifield completed the Next Apartments project.
2018: Fifield refinanced the property for $95 million.
October 2026: The sale of Next Apartments was officially recorded.
The Home Front
This major sale occurs within a competitive Chicago rental landscape currently seeing significant new inventory. Local market expansion remains a priority as the city expects to deliver 4,000 new multifamily units by the end of 2026.
Renters currently living at the property should watch for official notices regarding any changes in management or lease administration. New ownership typically maintains existing lease agreements, but it is wise to keep copies of all current documentation and contact records.
The takeaway
Large-scale property sales are common, but they rarely impact the daily terms of existing residential leases. Residents should maintain their original lease documents and ensure they have the new property management contact information for future maintenance requests.
Further reading
Learn more about local rental market trends in our Apartments section.
Source note: This article includes information reported by The Real Deal New York.
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