A new real estate investment firm founded by some big names in Chicago business and private equity made its first real estate acquisition in the South Loop.
Cresset Partners bought Wells Place, an 84-unit apartment building at 837 South Wells, for an undisclosed sum. Cresset Managing Director of Real Estate Mark Stern said Wells Place was a great value-add opportunity in the market. Wells Place's location gives tenants ease of access to retail, the Museum Campus, the Loop and public transit. And it is in an area teeming with construction activity, near CMK's Riverline and Lendlease's Southbank developments near the Chicago River.
Stern said Cresset plans to redevelop two empty retail storefronts at Wells Place into a tenant fitness center.
Stern formed Cresset Partners, a subsidiary of Cresset Wealth Advisors, in October with Willis Stein co-founder Avy Stein and Sterling Partners co-founder Eric Becker. He was previously Waterton's senior vice president of operations.
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