Next Apartments Sold to Pacific Coast Capital
The 310-unit Chicago high-rise has been acquired for $110 million.
Updated on Oct. 6, 2026 in Apartments
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Fifield Companies has completed the sale of Next Apartments in Chicago to Pacific Coast Capital Partners for $110 million. The 28-story residential tower, located at 347 West Chestnut Street, features 310 rental units.
Why it matters
The deal reflects significant capital movement within the Chicago multifamily real estate sector. This transaction arrives as the city prepares for an influx of new residential inventory expected by the end of 2026.
The property includes 5,700 square feet of ground-floor retail space and carries an approximate per-unit value of $355,000. Fifield previously secured a $70 million construction loan in 2015 and a $95 million refinance in 2018.
The players
Fifield Companies
This real estate firm specializes in the development and management of luxury high-rise apartment towers in urban markets.
Pacific Coast Capital Partners
This investment firm focuses on institutional-grade real estate acquisitions and capital management across major metropolitan areas.
Private Bank & Trust
This financial institution provides specialized commercial lending and construction financing for large-scale real estate projects.
The details
The sale of the 28-story tower was finalized in October 2026, marking a notable exit for Fifield Companies after the development project was completed in 2016. The transition follows a history of financing moves, including a construction loan from Private Bank & Trust.
Timeline
Fifield purchased the development land in 2015.
The Next Apartments project was completed in 2016.
The property was refinanced for $95 million in 2018.
The sale was recorded in October 2026.
Delivery of 4,000 new multifamily units is projected by the end of 2026.
Culture Shift
The sale occurs amid a broader urban development trend where Chicago is projected to add 4,000 new multifamily units by the end of 2026. This environment reflects a shift in capital positioning as investors respond to changing housing supply dynamics.
Current residents and prospective tenants should note that the sale involves the ownership of the building and does not immediately change existing lease terms. However, the transaction could influence future management policies or amenity updates at the 347 West Chestnut Street property.
The takeaway
Large-scale property transactions signify shifting investment priorities within the urban residential market. Investors and renters should monitor local inventory growth, as the addition of thousands of new units may impact future rental pricing strategies.
Further reading
For more on the local market, explore Chicago Apartments.
Source note: This article includes information reported by The Real Deal New York.
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