Crescent Heights Looks To Increase Downtown Footprint
Crescent Heights now has a presence in Millennium Park after the Miami-based firm acquired the 600-unit North Harbor Tower, which was placed on the market in October.
Heitman, which managed the property for seller the Florida State Board of Transportation, rehabbed 226 units in the 55-story tower at 175 N Harbor Dr, and saw a 16.8% return on those units. Crescent Heights is believed to have bid over $200M on the building, according to Crain's. The deal could still fall through, once Crescent Heights completes its due diligence. If it holds, it would be the largest apartment building sale in Chicago in over a year.
Crescent Heights would control 2,200 apartments with the North Harbor deal. Last year, the company paid $126M for Burnham Pointe in the South Loop.