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Interra Brokers South Loop Sale for Crescent Heights
Interra Realty brokered the $82.5-million sale of Astoria Tower, a 30-story, 248-unit luxury multifamily high-rise at 8 E. 9th Ave. in Chicago’s South Loop. The price per unit was $332,661.
Senior managing partner Brad Feldman represented buyer 3L Real Estate, a Chicago-based private equity firm seeking to add to its portfolio. Although Astoria Tower already has many amenities, 3L plans additional offerings as part of a strategy to increase rents. Originally built as condos, Astoria Tower was converted to apartments – 205 units in 2010 and the balance in 2019 – by seller Crescent Heights.
“The property’s large, condo-quality units, value-add potential and prime location in the South Loop – near other assets in 3L’s existing portfolio – made it a good fit for the buyer,” said Feldman. “We were able to bring it to 3L on a discreet off-market basis and close at one of the higher prices for the submarket this year.”
- ◦Sale/Acquisition


