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Crescent Heights

ChicagoDowntown / Loop

Chicago apartments sell at record per-unit price

Walton on the Park

Chicago Real Estate Daily reported last Friday that Crescent Heights has acquired 161 apartments that had been rented in the 201-unit Walton on the Park condominium building, 2 W Delaware. The reported sales price of “about $160 million” included commercial space, parking and a parcel north of the building currently zoned for 261 units. That ...

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Posted by Joe Zekas on March 31, 2014
ChicagoDowntown / Loop

Park Michigan apartments, 1212 S Michigan Ave, South Loop

1212 S Michigan

Park Michigan is a 30-story, 344-unit apartment tower in the South Loop. The building also has ground-level retail space and a parking garage. This sleek, international-style tower, designed by Loewenberg-Fitch, was completed in 1981. It recently changed ownership and has been undergoing a complete renovation of the common areas and updating of the apartments. The ...

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Posted by Joe Zekas on November 12, 2013
ChicagoDowntown / Loop

This week’s South Loop apartment availability changes

South Loop aerial

If you’ve been closely following our weekly report on what’s actually available for rent in the South Loop you’ll notice some significant changes this week. Two buildings are offering 1-bedroom units at more than $200 below the previous week’s lowest rents, and two other buildings have 2-bedrooms at more than $600 below last week’s highest ...

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Posted by Joe Zekas on December 20, 2012
ChicagoDowntown / Loop

Crescent Heights acquires 3 acres of South Loop land

Crescent Heights South Loop site

S Loop Chicago Development, LLC, a single-purpose entity which is part of a group of companies affiliated with Crescent Heights, has purchased approximately 3 acres of land in the South Loop, it was announced today by Jason Buchberg, Vice President of the company. The purchase consists of two sites in the highly-trafficked Michigan / Roosevelt ...

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Posted by Joe Zekas on December 18, 2012
ChicagoDowntown / Loop

Fifield announces $104.5M sale of Echelon at K Station

Echelon at K Station, Chicago

The news release just came across our virtual desk: CHICAGO – (February 2, 2012) Chicago-based Fifield Companies and its joint-venture partner, Pacific Life Insurance Co. of Newport Beach, Calif., have announced the sale of Echelon at K Station, a Class A luxury apartment building in Chicago’s West Loop. Miami-based developer Crescent Heights purchased the 350-unit ...

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Posted by Joe Zekas on February 2, 2012
ChicagoDowntown / Loop

Crescent Heights flips Cityfront Place for large gain

Cityfront Place

Crain’s Chicago Business is reporting (subscription required) that Miami-based Crescent Heights has agreed to sell the 39-story, 480-unit Cityfront Place for “about $106 million, just 17 months after buying the riverside high-rise for $82 million.” The sale reflects the rapid turnaround and increased rents in the downtown Chicago rental market during the past several years.

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Posted by Joe Zekas on April 24, 2011
ChicagoDowntown / Loop

Quote of the day: ‘An apartment-flipper market’

“It’s almost like we went from a condo-flipper market to an apartment-flipper market.” – Ron DeVries, vice-president at Appraisal Research Counselors, on Crescent Heights‘ attempt to sell the 39-story, 480-unit CityFront Place apartment high-rise in Streeterville for $100 million or more, just a year after it bought the building for $82 million. Such a deal ...

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Posted by Joseph Askins on January 20, 2011