Crescent Heights selling South Loop apartment towers

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

Apr.April 26, 2018 10:30 AM

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.

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

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