Miami developer scores in Chicago

Crescent Heights, a Miami-based developer, signed a contract to buy Cityfront Place, a 480-unit building along the north bank of the Chicago River, from Northwestern Mutual Life Insurance. The $83 million sale is the biggest downtown real estate deal of the year. A downtown apartment building has not sold in two years, and has fueled hopes that the rental sector will be a leader in the local market recovery. [Crain’s Chicago Business]