CHICAGO, IL – The Chicago office of Crescent Heights announced 175 Harbor Drive, LLC has bought North Harbor Tower, a 600-unit apartment tower located at 175 N. Harbor Drive in Chicago. North Harbor Tower is located within a 28-acre, award-winning master-plotted community in the Lakeshore East neighborhood. Terms of the acquisition were not told.

“North Harbor Tower boasts one of the most advantageous lakefront locations in downtown Chicago,” said Tomer Bitton, principal at Crescent Heights. “Our goal is to realize the full potential of this underutilized asset through a multimillion-dollar investment to reflect the Crescent Heights Inspired Living brand.”

Just west of Lake Shore Drive and south of the Chicago River, North Harbor Tower provides sweeping views of Lake Michigan and the Chicago skyline. The pet-friendly building is located within Lakeshore East, which includes the Village Market center and a six-acre park featuring hundreds of trees, plants and flowers, as well as ornamental and water gardens, a children’s play park, and a dog park. It is a small walk from several well loved attractions, including Maggie Daley Park, Millennium Park, Navy Pier, the Art Institute of Chicago, and the shops along the Magnificent Mile. Current amenities at North Harbor Tower include an outdoor sundeck, indoor pool, 24-hour fitness facility, fitness studio with complementary classes, and party room. A multimillion-dollar renovation of the property is scheduled to start later this year.

The 55-tale building, which currently offers a mix of studio, convertible, one-, two-, and three-bedroom units, features unique floor plot arrangements with airy bay windows. “North Harbor Tower’s floor plans provide some of the largest apartments available in the City,” said Bitton. “It’s ideal for a variety of renters, from young families who wish to be within walking distance to some of the best family entertainment in the city, to empty-nesters who want the vibrancy of downtown living without having to dramatically downsize on living space, to young professionals seeking a premier address on the lakefront.”

Crescent Heights has had an established presence in Chicago for the past 15 years, and is one of the largest residential brands in the City. Notable Crescent Heights-branded properties include: Burnham Pointe; Park Michigan; Astoria Tower; Echelon at K Station; and, The LEX.

Bitton added, “We’re proud to deliver Crescent Heights Inspired Living throughout downtown Chicago, and North Harbor Tower will complement our existing urban portfolio.”

Powered by WPeMatico

PLAINFIELD, NJ – RealtyMogul.com, one of the leading online marketplaces for real estate investing, announced that it closed an $860,000 equity investment in a 23-unit multifamily property in Plainfield, New Jersey – located just 25 miles outside of New York City. The sponsor for the acquisition is Clairmont Group LLC, a New York based diversified real estate company that is engaged in acquisition, development, management and advisory services.

The property, a 100 percent-occupied apartment building, is located near the commuter hubs of New York City and Newark, New Jersey. It is in close proximity to employment centers and public transportation and is surrounded by numerous multifamily drivers. RealtyMogul.com investors were offered the opportunity to help finance the acquisition by contributing equity capital.

“This property offers in-place cash flow as well as value-added opportunities that will come through renovation,” said Jilliene Helman, CEO of RealtyMogul.com. “The sponsor’s forward-looking approach, coupled with the property’s upside potential, makes this a prime opportunity for our savvy investor base.”

“We are excited to work with RealtyMogul.com as our capital partner and are looking forward to working with them on many deals in the future” said David Lubin, founder and managing partner of Clairmont Group LLC. “Our goal is to identify unique opportunities for our investors that offer capital preservation with attractive risk-adjusted returns and make long-term value through execution and hands on management in a strong New York metro market.”

The sponsor will leverage the investment to implement a renovation and operational improvement plot for the property. The acquisition aligns well with Clairmont Group’s strengths and experience, given its focus on tri-state area Class B multifamily acquisitions and its prior experience in managing similar rehab projects in New York metro area.

“Our investors are clearly demonstrating an appetite for access to high-growth sectors and markets, and we’re proud to deliver such opportunities,” added Helman.

Powered by WPeMatico

ANDOVER, MA – Wood Partners, a national leader in real estate development and acquisition, is now leasing units at its new multifamily community, The Slate at Andover. The 224-unit property, which was built on the former Rolling Green Golf Course, is located in the highly-desirable town of Andover. The site includes two four-tale buildings, one which is now open for leasing and the other which will complete construction this summer.

“The Slate is a unique community situated just three miles from the heart of downtown Andover, offering residents a distinct communal feel where they can live, work and play,” said Carolyn Zern, vice president of development for Wood Partners. “From empty-nesters to young families to working professionals, The Slate at Andover was designed to appeal to a range of residents looking for a luxury living experience that stands out within the region.”

Interior finishes include granite countertops, subway tile backsplashes, stainless steel appliances and wood cabinets in the kitchens, upgraded lighting and plumbing fixtures, and wood-plank style flooring, offering residents a sophisticated backdrop for living. Bedrooms include expansive walk-in closets with custom organization systems, and both residential buildings include a fitness center with cardio and weight-training equipment.

Designed to foster a strong sense of community, the property includes a separate clubhouse with a clubroom, business rooms and gaming area, a heated salt-water swimming pool, and an expansive patio with outdoor grills and fireplace. The property also has a dog run, a custom-built playground and sports courts.

Located 2.7 miles from central Andover and less than 45 minutes from downtown Boston, The Slate offers quick access to I-93, connecting residents to brilliant local schools, several major employers and surrounding dining and retail in the greater Andover region.

“Given its brilliant location, top-grade interiors and superior amenities, we are consistently attracting a range of audiences from singles who value top-of-the-market finishes and amenities and simple access to Boston, to young families who are looking for a sense of community and space, as well as empty nesters who are ready to downsize from their houses, but still desire to stay in the gorgeous environs of Andover,” said Zern.

Wood Partners has begun leasing at The Slate at Andover. Construction of the second residential building is scheduled for completion by summer 2016.

Powered by WPeMatico