Crescent Heights Acquires 400-Unit Multifamily Building In Streeterville, Chicago For $173M

Crescent Heights has acquired a 50-story, 400-unit building located at 340 E North Water St in Streeterville, Chicago for a total of $173 million. The property is a multi-family asset and does not include the 400-room Loews hotel on the lower floors. The sale price equates to an average per unit price of $432,500.

Summary of transaction details

• Property Type: MultiFamily
• Transaction Amount: $173,000,000
• Units: 400
• Price Per Unit (PPU): $432,500

In this transaction, Crescent Heights, represented by Sonny Kahn, Russell W. Galbut, and Bruce A. Menin, acted as the buyer. On the other hand, Invesco, represented by Martin Flanagan, served as the seller.