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North Water Apartments Bought by Crescent Heights for $173M
A Miami-based investment firm recorded a significant loss on the sale of a Streeterville multi-family complex, reported Crain’s Chicago Business. Invesco sold the North Water Apartments, a 398-unit property at 340 E. North Water Street, to Crescent Heights for $173 million. John Jaeger, Justin Puppi and Pete Marino of CBRE represented Invesco.
While the price is the most paid for a downtown residential apartment complex in nearly two years, it still represents an almost 28% drop in value from when the property sold for $240 million in 2016. The apartments opened in 2016 and were developed by Chicago-based investment firm DRW Holdings as part of a 50-story project that also includes a Loews Hotel, which was not included in the sale.
Despite the final price, the tower is more than 95 percent occupied. Crescent Heights has been actively investing throughout Chicago, including a new 1.7-acre development site in the city’s bustling Fulton Market.
