South Loop apartment tower to sell for about $70 million

    Apartment developer Marquette Cos. is paying about $70 million for a 278-unit apartment tower in the South Loop, perking up a downtown apartment investment market that has been subdued this year after a frenetic 2011.

    The Naperville-based company has agreed to buy the 22-story building at 1401 S. State St. from a joint venture of Equity Residential and Lincoln Property Co., according to people familiar with the transaction. They said Marquette is paying $250,000 to $255,000 a unit, or $69.5 million to $70.9 million.

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