- 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.
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 innovative spaces in America’s most compelling urban locations. According to its website, it seeks out emerging and established neighborhoods nationwide, and creates a new vision for their future.
They say that when a community is added to the Crescent Heights portfolio, it is completely reimagined. They work with world-class architects, interior designers, and landscape artists to conceive exceptional new residential communities from the ground up, or completely transform existing properties so they speak to contemporary tastes.
Crescent Heights already owns three other buildings in town. It owns Burnham Pointe and Park Michigan in the South Loop, and Walton on the Park in the Gold Coast. In total, they now hold more than 2,200 apartments.
And, according to Crain’s Crescent Heights also is building in town. It has plans for what could be the tallest building in the South Loop, a 76-story, 792-unit apartment tower at the south end of Grant Park.
That could be a blessing or a curse for Crescent Heights, and the rental market in Chicago as a whole. As Crain’s points out, 8,000 new apartments are expected to come online in the downtown market over the next two years. That represents a 26 percent increase in available units, which could sink rental prices across the market.