It took a few months of due diligence, but Crescent Heights completed a deal to acquire North Harbor Tower, giving the Miami-based firm control of 2,200 apartments in downtown Chicago. News of Crescent Heights' interest in the 55-story building first broke in January.
The terms of the deal weren't disclosed, but there were early rumors Crescent Heights bid over $200M for the building. North Harbor Tower is considered to be a long-term value-add investment. Heitman, which managed the building for its former owner, the Florida State Board of Transportation, rehabbed 226 of its 600 units and saw a 17% return on those units.
North Harbor Tower's location is another strong selling point. It's walking distance from Maggie Daley Park and Millennium Park, Michigan Avenue shopping, and the downtown theater and entertainment district. Crescent Heights is planning a multimillion-dollar rehab of the building, starting later this year.
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