FPA Multifamily Buys $175M Streeterville Residential Tower
FPA Multifamily has purchased a Streeterville tower for nearly $175 million. The California-based real estate investment firm bought the 398-unit apartment building at 340 East North Water Street in Chicago.
The transaction marks the highest price for a Chicago apartment building in more than two years, reported Crain’s. A venture of FPA Multifamily bought the 398-unit apartments at a price slightly higher than the $173 million that the seller, Miami-based Crescent Heights, paid for the property in June 2023. Newmark’s Liz Gagliardi, Chuck Johanns and Susan Lawson marketed North Water for sale on behalf of Crescent Heights.
The building was 93% occupied when it went up for sale earlier this year. The luxury residential apartments are adjacent to the Loews Chicago Hotel. The North Water Apartments offer a mix of units, ranging from studios to three-bedroom options, along with amenities such as an outdoor terrace, resident lounge, outdoor pool, and a fitness center.
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout