Crescent Heights flips Cityfront Place for large gain

Cityfront Place apartments, Chicago

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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