Waterton is buying the 600-unit
North Harbor Tower

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

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

 

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