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

Property Image
SOLD
$173,000,000
RG
Sonny Kahn
BM
+ 1

Illinois

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MultiFamily
Sold 06/21/2023
the dealplayerscompscontact
Property Image
SOLD

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

340 E North Water St Chicago, Il 60611, Usa

See Similar Deals
MultiFamily
Sold 06/21/2023
RG
Sonny Kahn
BM
+ 1
the dealplayerscompscontact
Contact now

Summary

ILLINOIS
Asset Type:MultiFamily
Transaction Type:Sale

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.

Players

RG
Russell Galbut
20 deals$1.1B volume
BUYER
Sonny Kahn
Sonny Kahn
8 deals$1B volume
BUYER
BM
Bruce Menin
6 deals$659.4M volume
BUYER
Martin L. Flanagan
Invesco Real Estate
Martin L. Flanagan
4 deals$438.6M volume
SELLER

Details

SOLD
IMAGE: Bruce A. Menin, Sonny Kahn, Russell W. Galbut & Martin Flanagan DATE: 06/21/2023 ADDRESS: 340 E North Water St MARKET: Streeterville, Chicago ASSET TYPE: MultiFamily BUYER: Crescent Heights (@CrescentHeights) - Sonny Kahn, Russell W. Galbut (@RussellGalbut) & Bruce A. Menin SELLER: Invesco (@InvescoUS)- Martin Flanagan SALE PRICE: $173,000,000 UNITS: 400 ~ PPU: $432,500 NOTE: Crescent Heights has acquired a 50-story, 400-unit building in Streeterville, Chicago for $173 million. The purchase does not include the 400-room Loews hotel located on the lower floors. ,Chicago

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Debt Service Coverage Ratio (DSCR)

0.94x

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