CHICAGO — Crescent Heights has acquired North Water Apartments, a 398-unit multifamily property in downtown Chicago’s Streeterville neighborhood. Invesco Real Estate sold the asset for $173 million, according to real estate data firm CoStar.
North Water Apartments is the multifamily portion of a 50-story building located at 340 E. North Water St. Built in 2015, the community offers studio, one-, two- and three-bedroom floor plans.
According to the property website, amenities include electric vehicle charging stations, a rooftop lounge with a pool, outdoor plaza, fitness center, business center with a conference room, onsite dry cleaning, pet spa, package lockers and bike storage. Monthly rents range from $2,705 for a studio up to $8,379 for a three-bedroom, according to Apartments.com.
North Water Apartments is situated atop the Loews Chicago Hotel, which was not included in the sale. The Loews Chicago hotel offers 400 rooms and suites, and includes a restaurant, rooftop bar, lobby lounge and coffee shop, as well as 31,000 square feet of indoor and outdoor meeting space.
The building is located less than a mile from Chicago’s Magnificent Mile commercial district, the lakefront Navy Pier and the Museum of Contemporary Art Chicago. Grand Avenue Station on Chicago’s Red Line is located 0.6 miles from North Water Apartments.
John Jaeger and Justin Puppi of CBRE represented the seller. CBRE’s debt and structured finance team, including Pete Marino and Elizabeth Arnold, represented the buyer in procuring financing.
“This top-tier offering provided a multitude of appealing fundamentals to investors,” says Jaeger. “Streeterville has become the definition of a high-barrier-to-entry submarket, with the last multifamily project delivering in 2018 and only one new project under construction.”
Crescent Heights is a development company based in Miami, Florida. The firm specializes in the development of residential, mixed-use, office and hotel properties. Invesco Real Estate is an investment management firm headquartered in Atlanta.
— Channing Hamilton