CHICAGO-An entity representing Miami-based Crescent Heights, which recently sold two apartment towers here for $159 million, is buying up other properties downtown. The company has closed on the purchase of the 30-story 1212 S. Michigan apartment tower for a reported $66 million.
CBRE represented the seller, DV Urban Realty Partners 1 LP, which sources say had purchased the 30-year-old tower in the South Loop for $65 million in September 2006. The 344 units also include an indoor pool/Jacuzzi, fitness center, business center and lounge area. The tower also includes about 3,000 square feet of retail, occupied by a Subway restaurant, a nail salon and a dry cleaners.
Crescent closed in November on its sale of the Regents Park apartment complex. The company has owned other downtown properties such as 30 E. Huron, the Skyline Residences and CityFront Place.
John Jaeger, Daniel Cohen and Carrie Houck with CBRE’s Chicago Multi-Housing Investment Properties Group acted on behalf of the buyer in the 1212 S. Michigan transaction. Peter Marino, John Clifford and Elizabeth Henry with CBRE Capital Markets Debt and Equity Finance represented the buyer in securing financing for the transaction.
Jaeger tells GlobeSt.com that the boost in apartment sales should continue into 2012. General Investment & Development Cos. will reportedly buy the new 26-story Flair Tower in the River North area for $87 million, for example. “You’ve seen a tremendous amount of capital choose to invest in 2011,” Jaeger says. “With the strength of the market and low interest rates, we should see rent growth and a lot of opportunities for people to place their money into apartments in 2012.”
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