Chicago luxury tower trades for $83 million
3L Real Estatea real estate and development company, has acquired Astoria Tower, a 30-story, 248-unit luxury multi-family tower located in Chicago’s South Loop from Crescent Heights for $82.5 million. The unit price was $332,661.
Interra Real Estate, a commercial real estate investment services firm, brokered the deal. Senior Managing Partner Brad Feldman represented the buyer.
Located at 8 E. Nineth Ave., Astoria Tower was built in 2009 and was originally a condominium development. Crescent Heights, a Miami-based real estate company, converted 205 condos into rental apartments in 2010 and the rest of the units in 2019.
Feldman said in a prepared statement that the sale was an off-market deal made at one of the highest prices in the submarket so far this year. He noted that the large, condo-quality units, value-added potential, and South Loop’s prime location near other 3L properties made it a good choice for the buyer. 3L, which has properties in Chicago, Milwaukee and Dallas, specializes in the adaptive reuse of commercial buildings into multi-family housing. One of the many Chicago assets redeveloped by 3L is 820 S. Michigan Ave., the former Johnson Publishing Building that had been the offices of Ebony and Jet magazines. The 118,000 square foot building now has 150 apartments with views of Lake Michigan and Grant Park.
The Astoria Tower has one-, two-, and three-bedroom floor plans. Apartments have hardwood floors, stainless steel appliances, granite countertops, contemporary cabinetry, built-in washers and dryers, floor-to-ceiling windows, and spacious closets. Some units also have balconies. Community facilities include a 24-hour fitness center, indoor pool and hot tub, sauna and steam rooms, spa treatment room, billiards room, movie theater, fitness center, business and two roof terraces with views of the city and Lake Michigan.
Located two blocks west of Grant Park, Astoria Tower is serviced by several bus lines and the Chicago Transit Authority Red Line. The property is within walking distance of shops, restaurants, and attractions such as the Harold Washington Library, Art Institute, Millennium Park, and Buckingham Fountain.
Crescent Heights Developments
A leading urban real estate company, Crescent Heights also has significant holdings in Chicago, including NEMA Chicago. The 76-story luxury tower with 800 apartments is 896 feet tall, making it the tallest residential rental building in the city. McHugh Construction opened NEMA Chicago in 2016. While some residents began moving in in May 2019, the building at 1210 S. Indiana Ave. in the Near South Side was not fully completed by McHugh until in 2020.
NEMA Boston, a 414-unit luxury development in Boston’s Seaport District, was one of the largest multi-family developments underway in the city in 2021. In addition to residential units, the 22-story building also features a retail space. Crescent Heights sold NEMA Boston at 399 Congress St. to private equity giant KKR in July 2021 for $332 million, one of the largest multi-family deals in Boston that year, according to Bisnow.