CBRE Arranges Sale of 398-Unit North Water Tower Apartments

CBRE has arranged the sale of North Water Tower, a 398-unit luxury multifamily property in the high barrier-to-entry Streeterville neighborhood of downtown Chicago. Invesco Real Estate, a global real estate investment manager, sold the property to Crescent Heights in a transaction that closed June 13, 2023. A sale price was not disclosed.

CBRE’s John Jaeger and Justin Puppi represented the seller in the transaction. CBRE’s Debt & Structured Finance team including Pete Marino and Elizabeth Arnold represented the buyer, in procuring financing for the sale.

Completed in 2015, North Water Tower is situated atop the Loews Chicago Hotel and is in proximity to thousands of high-paying Northwestern Hospital medical jobs. The building offers luxury amenities and includes a top floor resident lounge and outdoor plaza offering some of the most spectacular views of Lake Michigan, The Chicago River, and Chicago’s iconic skyline. North Water Tower residents enjoy a walkable, urban lifestyle with grocery and retail within two blocks and Chicago’s Magnificent Mile just 3 blocks away.

“This top-tier offering provided a multitude of appealing fundamentals to investors,” said Jaeger. “Streeterville has become the definition of a high-barrier-to-entry submarket, with the last multifamily project delivering in 2018 and only one new project under construction.”