Miami-based Crescent Heights, led by real estate investor Russell Galbut, agreed to buy a 55-story apartment building in downtown Chicago, which would add to the company’s portfolio of rental properties there.
Crain’s Chicago Business reported that Crescent Heights has a deal to buy the 600-unit North Harbor Tower in downtown Chicago from the Florida State Board of Administration.
The publication also reported that the Miami-based company will own more than 2,200 apartments in downtown Chicago following the North Harbor Tower closing.
The 600-unit apartment building, located north of Maggie Daley Park, is expected to command more than $200 million. The parties have not disclosed the negotiated price.
Among other acquisitions in recent years, Crescent Heights paid $126 million last June for a 298-unit apartment building in the South Loop area of Chicago.
Russell Galbut’s Crescent Heights also owns 344-unit Park Michigan in the South Loop area and Walton on the Park, a building in the Gold Coast area with 160 apartments. [Crain’s Chicago Business] — Mike Seemuth