Crescent Heights is selling two apartment towers in the South Loop.
The Miami-based developer hired HFF to market the 332-unit Lex building at 2138 South Indiana Avenue, and is seeking $116 million to $120 million for it, a source told Crain’s.
Crescent Heights bought the building in a deconversion in 2013 for $96 million, according to data from Real Capital Analytics.
The firm is also selling the 344-unit Park Michigan tower at 1212 South Michigan Avenue in the South Loop that it bought for $65 million in 2011.
Even if both buildings sell, Crescent Heights will still have a presence in the neighborhood: It owns a 298-unit high-rise at 720 South Clark Street and is building One Grant Park, a 76-story, 792-unit apartment building, at Roosevelt and Michigan. [Crain’s] — John O’Brien