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.”
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 GlobeSt.com 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).