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Chicago & Midwest  + Downtown  + Apartments  |  December 2, 2025
Jasmine Kilman
By: Jasmine Kilman

FPA Multifamily Buys $175M Streeterville Residential Tower

FPA Multifamily has purchased a Streeterville tower for nearly $175 million. The California-based real estate investment firm bought the 398-unit apartment building at 340 East North Water Street in Chicago.

The transaction marks the highest price for a Chicago apartment building in more than two years, reported Crain’s. A venture of FPA Multifamily bought the 398-unit apartments at a price slightly higher than the $173 million that the seller, Miami-based Crescent Heights, paid for the property in June 2023. Newmark’s Liz Gagliardi, Chuck Johanns and Susan Lawson marketed North Water for sale on behalf of Crescent Heights.

The building was 93% occupied when it went up for sale earlier this year. The luxury residential apartments are adjacent to the Loews Chicago Hotel. The North Water Apartments offer a mix of units, ranging from studios to three-bedroom options, along with amenities such as an outdoor terrace, resident lounge, outdoor pool, and a fitness center.

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About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.
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