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Report: Chicago apartment tower selling for over $90M

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Report: Chicago apartment tower selling for over $90M

A consortium led by Horizon Realty Group Inc. is paying between $90 million and $100 million to buy the 344-unit Park Michigan in Chicago's South Loop, Crain's Chicago Business reported, citing people familiar with the transaction.

Miami-based Crescent Heights Inc. is divesting the 30-story apartment building at 1212 South Michigan Ave., which it acquired for $65.5 million in 2011, the May 22 report noted. The average rent for a unit at the 92.2%-leased building comes to $1,723 per month, or $2.51 per square foot, the publication added, citing CBRE marketing material.

According to a May 23 report by The Real Deal, Crescent Heights is also seeking $116 million to $120 million for the 332-unit Lex building at 2138 South Indiana Ave. in the city.

The company is also developing the 76-story, 792-unit NEMA Chicago skyscraper in South Loop.