Waterton is buying the 600-unit
North Harbor Tower

The Lakeshore East building is the third Crescent Heights is selling Downtown

TRD CHICAGO /
Jun.June 06, 2018 12:30 PM

From the left: Principal Bruce Menin, David Schwartz & Peter Vilim of Waterton, and North Harbor Tower (Credit Crescent Heights and Waterton)

Waterton is buying the 600-unit North Harbor Tower apartment high-rise in Lakeshore East.

It is the third such Downtown building that the seller, Crescent Heights, is unloading, joining two others in the South Loop, according to Crain’s.

The selling price was not disclosed, but Miami-based Crescent Heights bought the 55-story tower in 2016 for $237 million.

Chicago-based Waterton, which owns the Presidential Towers apartment complex in the West Loop, has a $920 million pot in its latest multifamily investment fund that gives the company the ability to buy more than $2.5 billion in apartments.

Crescent Heights, meanwhile, is in the process of selling the 332-unit Lex apartment building near McCormick Place and the 344-unit Park Michigan at Roosevelt and Michigan.

Chicago-based Horizon Realty Group has agreed to buy the Park Michigan.

The sell-off comes even as Crescent Heights works to complete the 792-unit NEMA Chicago tower, formerly known as One Grant Park, a stone’s throw from the Park Michigan. [Crain’s] — John O’Brien

 

Related Articles

arrow_forward_ios
1035-1065 N Orleans St (Credit: Google Maps)

Developers place bets on another downtown hotel

2537 North Pulaski Road in Logan Square (Credit: Google Maps)

‘Hipster’ concert venue will cause gentrification, Logan Square activists claim

Former NFL player Israel Idonije and 200 W. Madison St. (Credit: Getty Images, Google Maps)

Former Chicago Bear launches 1871-styled incubator with insane lease rates

PepsiCo CEO Ramon Laguarta and WeWork CEO Adam Neumann with the Old Post Office (Credit: Getty Images)

Space race: WeWork, PepsiCo may take a combined 320K sf at 601W Companies’ Old Post Office

The top five most active multifamily general contracting firms were approved to build 3.7 million square feet of residential development over the last year.

These are the top multifamily general contractors in Chicago

John Buck and Morgan Stanley want big payday for “Big Red,” former city development chief joins Clayco: Daily digest

John Buck and Morgan Stanley want big payday for “Big Red,” former city development chief joins Clayco: Daily digest

500 Fulton Market apartment units planned, local construction industry struggles to find workers: Daily digest

500 Fulton Market apartment units planned, local construction industry struggles to find workers: Daily digest

Chicago casino operator probably won’t make much money, Tishman Speyer poaches JLL broker: Daily digest

Chicago casino operator probably won’t make much money, Tishman Speyer poaches JLL broker: Daily digest

arrow_forward_ios