Luxury Chicago Tower Trades for $83M

3L Authentic Estate, a true estate and enhancement agency, has acquired Astoria Tower, a 30-tale, 248-device luxurious multifamily tower in Chicago’s South Loop from Crescent Heights for $82.5 million. The price per unit was $332,661.

Interra Realty, a business real estate financial investment expert services business, brokered the offer. Senior Handling Lover Brad Feldman represented the purchaser.

Located at 8 E. Nineth Ave., Astoria Tower was built in 2009 and was at first a condominium improvement. Crescent Heights, a Miami-based authentic estate business, converted 205 condos to rental apartments in 2010 and the stability of the models in 2019.

Feldman reported in a well prepared assertion the sale was an off-market place offer that shut at just one of the increased selling prices for the submarket to day this calendar year. He observed the massive, apartment-high quality units, value-incorporate likely and key South Loop place in the vicinity of other 3L qualities manufactured it a good in shape for the buyer. 3L, which owns homes in Chicago, Milwaukee and Dallas, specializes in adaptive reuse of professional structures into multifamily housing. One of the numerous Chicago belongings redeveloped by 3L is 820 S. Michigan Ave., the former Johnson Publishing Developing that had been the places of work of Ebony and Jet magazines. The 118,000-square-foot developing now has 150 flats with sights of Lake Michigan and Grant Park.

Home Information

Astoria Tower has a person-, two- and 3-bedroom floorplans. The flats have hardwood floors, stainless steel appliances, granite countertops, present-day cabinetry, in-unit washers and dryers, ground-to-ceiling windows and roomy closets. Some models also have balconies. Neighborhood features involve a 24-hour physical fitness middle, indoor pool and whirlpool, sauna and steam rooms, spa treatment method space, billiard space, film theater place, small business centre and two rooftop decks with views of the town and Lake Michigan.

Positioned two blocks west of Grant Park, Astoria Tower is served by several bus routes and the Chicago Transit Authority’s Purple Line. The residence is inside strolling distance of shops, eating places and points of interest including the Harold Washington Library, Art Institute, Millennium Park and Buckingham Fountain.

Crescent Heights Developments

A foremost urban authentic estate firm, Crescent Heights also has substantial holdings in Chicago, such as NEMA Chicago. The 76-story luxurious tower with 800 residences is 896 feet tall, producing it the city’s tallest rental household developing. McHugh Building broke ground on NEMA Chicago in 2016. Though some people commenced shifting in in May possibly 2019, the building at 1210 S. Indiana Ave., in the Around South Side community wasn’t entirely done by McHugh until 2020.

NEMA Boston, a 414-unit luxurious advancement in Boston’s Seaport District, was a single of the largest multifamily developments underway in the town in 2021. In addition to the household units, the 22-tale making also has retail space. Crescent Heights marketed NEMA Boston at 399 Congress St., to personal equity large KKR in July 2021 for $332 million, 1 of the biggest multifamily transactions in Boston that yr, according to Bisnow.