3L Real Estate, a real estate and development firm, has acquired Astoria Tower, a 30-story, 248-unit luxury multifamily tower in Chicago’s South Loop from Crescent Heights for $82.5 million. The price per unit was $332,661.
Interra Realty, 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 to rental apartments in 2010 and the balance of the units in 2019.
Feldman said in a prepared statement the sale was an off-market deal that closed at one of the higher prices for the submarket to date this year. He noted the large, condo-quality units, value-add potential and prime South Loop location near other 3L properties made it a good fit for the buyer. 3L, which owns properties in Chicago, Milwaukee and Dallas, specializes in adaptive reuse of commercial buildings into multifamily 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.
Astoria Tower has one-, two- and three-bedroom floorplans. The apartments have hardwood floors, stainless steel appliances, granite countertops, contemporary cabinetry, in-unit washers and dryers, floor-to-ceiling windows and spacious closets. Some units also have balconies. Community amenities include a 24-hour fitness center, indoor pool and whirlpool, sauna and steam rooms, spa treatment room, billiard room, movie theater room, business center and two rooftop decks with views of the city and Lake Michigan.
Located two blocks west of Grant Park, Astoria Tower is served by several bus routes and the Chicago Transit Authority’s Red Line. The property is within walking distance of shops, restaurants and attractions including the Harold Washington Library, Art Institute, Millennium Park and Buckingham Fountain.
Crescent Heights Developments
A leading urban real estate firm, 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 city’s tallest rental residential building. McHugh Construction broke ground on 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 neighborhood wasn’t fully completed by McHugh until 2020.
NEMA Boston, a 414-unit luxury development in Boston’s Seaport District, was one of the largest multifamily developments underway in the city in 2021. In addition to the residential units, the 22-story building also has 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 multifamily transactions in Boston that year, according to Bisnow.