Crain’s: Low price for Astoria Tower should result in low rents (now with prices)

Astoria Tower, Chicago, IL

We’ve heard from one commenter and now from Crain’s that Crescent Heights has fast-tracked its rental program for its latest acquisition, Astoria Tower.

Crescent Heights purchased 205 of Astoria Tower’s 248 condos for $45 million, roughly 43% less than the building’s $79.4-million construction loan, Crain’s reports. The low price should allow the new owner to lease out units for 40 to 50 cents below the average price per square foot in the South Loop.

Base prices will range from $1,010 for studios to upwards of $2,100 for two-bedrooms. Crescent Heights is also expected to offer one month free, the article says.

Update: These guys are fast — Astoria Tower’s rates are already up at Apartments.com. They are:

  • Studios with 546 square feet: $1,010 to $1,292
  • One-bedroom / two-baths with 561 to 958 square feet: $1,126 to $1,966
  • Two-bedroom / two-baths with 1,072 to 1,878 square feet: $1,850 to $4,247

Floor plans are still available at AstoriaTower.net.

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