An investment firm based in Miami recorded a significant loss on the sale of a Streeterville multi-family complex, according to Crain’s Chicago Business. Invesco sold North Water Apartments, a 398-unit property located at 340 E. North Water Street, to Crescent Heights for $173 million. John Jaeger, Justin Puppi and Pete Marino from CBRE represented Invesco during the transaction.
At $173 million dollars paid for this downtown residential apartment complex – it is the highest price in nearly two years; however it still represents an almost 28% drop from when it was purchased by DRW Holdings for $240 million back in 2016 as part of their 50-story project which also includes Loews Hotel (not included with this sale). Despite its final selling price – The tower remains more than 95 percent occupied and Crescent Heights has been actively investing throughout Chicago including acquiring 1.7 acres of development site within Fulton Market area recently .
