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Crescent Heights, Waterton Reportedly in Deal on Apartment High-Rise
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Two years after acquiring North Harbor Tower, Crescent Heights has reportedly agreed to sell the 55-story apartment high-rise to Waterton. The sale hasn’t been finalized, and financial terms couldn’t be determined.
Crescent Heights paid a reported $237 million, or $395,000 per unit, in May 2016. The sale to Waterton will offer an indicator of downtown apartment values, which have cooled over the past several months amid rising interest rates and concerns about overbuilding. Many would-be sellers have refinanced their properties, instead after being unable to achieve the sales prices they sought.
“Investors are looking at (apartment) supply,” Ron DeVries, senior managing director at Integra Realty Resources, told Crain’s Chicago Business. “They want to know where the supply is, and how that affects their specific location.”
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