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Highland Partners acquires Chicago tower for $119M

PRIVATEAug 03, 2026•6 days ago

Acquiring Company

Highland Real Estate Partners

Acquired Company

Magellan Development Group

ChicagoReal EstateReal Estate InvestmentCommercial Real EstateReal EstateCommercial Real Estate

Description

Highland Partners has made its largest acquisition by purchasing the 298-unit Exhibit on Superior apartment tower in Chicago for $119 million. The transaction expands Highland's portfolio significantly as it now exceeds $700 million in real estate assets. The purchase price translates to approximately $399,000 per apartment, reflecting rapid growth for the firm. This marks a pivotal moment for Highland's expansion into larger markets.

Company Information

Company

Highland Real Estate Partners

About

Highland Real Estate Partners is a vertically integrated manager of private real estate investments, focused on acquiring and operating small multifamily (SMF) assets in select Midwest and Mountain West markets. The firm aims to consolidate SMF assets that are often overlooked by larger institutional investors while driving returns by exploiting market inefficiencies. As of October 1st, Highland has approximately $225 million in real estate under management, encompassing over 1,000 apartments across multiple markets. Highland distinguishes itself with a strong property and asset management infrastructure, achieving competitive advantages over peers.

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Integration timeline

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Frequently asked

Who acquired Magellan Development Group?

Magellan Development Group was acquired by Highland Real Estate Partners. The deal was reported on August 3, 2026. Highland Real Estate Partners is a vertically integrated manager of private real estate investments, focused on acquiring and operating small multifamily (SMF) assets in select Midwest and Mountain West markets. Highland Real Estate Partners is privately held and operates in Real Estate.

When did Highland Real Estate Partners acquire Magellan Development Group?

Highland Real Estate Partners's acquisition of Magellan Development Group was reported on August 3, 2026. Highland Partners has made its largest acquisition by purchasing the 298-unit Exhibit on Superior apartment tower in Chicago for $119 million. The transaction expands Highland's portfolio significantly as it now exceeds $700 million in real estate assets. Fundz records the date the transaction was first publicly reported, sourced from filings and company announcements.

What does Magellan Development Group do?

Magellan Development Group is a Chicago-based real estate development firm known for luxury residential and mixed-use properties. Established to create sustainable, high-quality developments, it has garnered recognition in the real estate sector. It is privately held, operating in Real Estate, and is based in Chicago.