Crescent Heights selling South Loop apartment towers

The Miami-based firm still has a foothold in the neighborhood, including the upcoming One Grant Park

The Lex apartments, 2138 South Indiana Avenue
The Lex apartments, 2138 South Indiana Avenue

Crescent Heights is selling two apartment towers in the South Loop.

The Miami-based developer hired HFF to market the 332-unit Lex building at 2138 South Indiana Avenue, and is seeking $116 million to $120 million for it, a source told Crain’s.

Crescent Heights bought the building in a deconversion in 2013 for $96 million, according to data from Real Capital Analytics.

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The firm is also selling the 344-unit Park Michigan tower at 1212 South Michigan Avenue in the South Loop that it bought for $65 million in 2011.

Even if both buildings sell, Crescent Heights will still have a presence in the neighborhood: It owns a 298-unit high-rise at 720 South Clark Street and is building One Grant Park, a 76-story, 792-unit apartment building, at Roosevelt and Michigan. [Crain’s]  — John O’Brien