Miami developer Crescent Heights snags Chicago’s North Harbor Tower

Buyer continues march into the Chicago market
  • Crescent Heights, a Miami rental community owner, is finalizing a deal to buy North Harbor Tower.
  • The company owns three other Chicago buildings, and is planning to build another.
  • The deal make Crescent Heights owner of 2,200 Windy City apartment units.

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Crescent Heights, a Miami-based residential community powerhouse, continued it’s Chicago shopping spree recently, adding North Harbor Tower, to its already well-stocked arsenal of Windy City apartment homes. The 600-unit building is located at 175 N. Harbor, north of Maggie Daley Park, and just went on the market in November. It’s an older property - built in 1988 - but that means that the units are on the larger side. It’s also close to fully occupied, holding at a 95 percent occupancy rate. And, lake views never get old. According to Crain’s Chicago Business, the deal is still due diligence. The final price is unavailable, but the building was expected to sell for north of $200 million. If true, that would make it the biggest apartment deal in downtown Chicago in more than a year. Miami developer adds to the Chicago neighborhood Crescent Heights is a major presence in big metros across the country. The company says that it is in the business of inventing innova...