As the city's multifamily investment market continues to grow, a well-known apartment building on Chicago's Gold Coast has been put up for sale.

Fifield Cos., a Chicago-based developer, has hired JLL to sell The Sinclair, a 35-story residential skyscraper with 390 units at 1201 N. LaSalle Drive. Completed in 2017, the property is located in Chicago's most wealthy lakefront area, the Gold Coast, which is renowned for its luxurious homes, historic buildings, and expensive retail establishments.

Strong rent increases and a halt in new multifamily building have encouraged apartment investors to focus more on Chicago properties, which is why the listing was made. Fifield is one of many landlords looking to profit from the resurgence of investor interest.

The 310-unit Next apartment skyscraper in the neighboring River North district is another property that the business just recruited Newmark to market.

The Sinclair was built as a component of a bigger redevelopment project that included a new mixed-use building in place of an old Jewel-Osco grocery store. The grocery store is still there, but it isn't part of the sale. Above the retail area are residential features, such as a rooftop pool.

According to Cook County property records, Fifield purchased the development site from a Jewel affiliate in 2015 for just over $17.5 million. In order to fund the project, the business additionally obtained a $98 million construction loan from Northwestern Mutual Life Insurance.

Fifield won the land, which is next to a Chicago Transit Authority Red Line station, after a competitive bidding procedure.

Neither the property's asking price nor the company's whole investment in the development have been made public. Comment requests were not immediately answered.

The Sinclair is roughly 97% rented, with average asking rates of $4,165 per unit and $5.09 per square foot, according to CoStar statistics.

The offering enters a market where a number of noteworthy multifamily deals have recently occurred. Hines paid $151 million for the 451-unit Left Bank tower located at 300 N. Canal Street. Although Fifield had no ownership stake in the property at the time of the sale, it had initially developed it alongside PGIM Real Estate.

The $167 million sale of the 1,115-unit Pavilion Apartments complex near O'Hare International Airport in 2026 was the largest apartment transaction to date in the Chicago area.

Brokers Mark Stern, Kevin Girard, and Zachary Kaufman are part of JLL's marketing team for The Sinclair.