Crescent Heights Sells Its Third Downtown Apartment Tower In A Month
Crescent Heights is cashing out on a South Loop apartment tower, three years after it bought the property. The Miami-based developer is selling Burnham Pointe, a 29-story, 298-unit high-rise at Clark and Harrison streets, to a joint venture of Draper and Kramer and Intercontinental Real Estate Corp. The sale price was not disclosed.
Crescent Heights paid $126M for Burnham Pointe in June 2015, one of the top 10 apartment sales of that year. Although investment in downtown multifamily has slowed over the past year, values have increased due to rising rents and revenues.
This is the third downtown apartment building Crescent Heights has sold in a month, after an aggressive two-year acquisition period. The firm sold North Harbor Tower in Lakeshore East to Waterton for $240M. Crescent Heights disposed of the 344-unit Park Michigan Apartments to Horizon Realty in a deal believed to be between $90M and $100M.
Crescent Heights is also seeking a buyer for a fourth apartment tower, The Lex, a 332-unit tower near McCormick Place.
Draper and Kramer plans to upgrade Burnham Pointe's amenities and common areas. HFF's Sean Fogarty, Marty O'Connell, Wick Kirby and Kevin Girard represented Crescent Heights. The buyers were represented by DLA Piper's Robert Goldman and Stacy Osmond.
