Search
 

Crescent Heights Buys 30-Story Tower

CHICAGO-The company, fresh from a $159 million apartment sale downtown, has reportedly paid $66 million for 1212 S. Michigan in the South Loop.

By Robert Carr | Updated on December 09, 2011

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.