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Crescent Heights Trades South Loop Apartment Complex

Crescent Heights has sold a 332-unit South Loop apartment complex, The Lex, to FPA Multifamily LLC. An HFF team of Sean Fogarty, Marty O’Connell, Wick Kirby and Kevin Girard represented Crescent Heights.

The sales price was not disclosed. In April, Crain’s Chicago Business reported that Crescent Heights sought between $116 million and $120 million after acquiring The Lex for $96 million in 2013.

A two-building rental complex, The Lex started life as condominiums. It was among the 59% of downtown condo projects that incurred financial trouble in the 2008 downturn and was taken over in 2010 by a joint venture of Starwood Capital and TPG, which converted it to rentals.

The JV sold The Lex to Crescent Heights as part of a three-building deal, according to Crain’s. It’s one of several downtown apartment properties in the portfolio of Miami-based Crescent Heights, which has sold four of them in recent months.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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