
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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- ◦Sale/Acquisition