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  WINDY CITY TIMES

Real estate news:
2011-01-05

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—In the Loop: A Miami developer has purchased more than 200 unsold units in a South Loop tower, according to Chicago Real Estate Daily. Crescent Heights Inc. paid approximately $45 million for 205 units, or about 83 percent of the 248-unit Astoria Tower, which was taken back in June by lender Geneva Capital Group Inc. Chicago developer William Warman completed the 30-story high-rise at Ninth and State streets about a year ago.

—Aqua plan: J. P. Morgan Asset Management has agreed to invest about $182 million in the apartments in the 82-story Aqua tower, the biggest local multifamily deal in more than three years, according to Chicago Real Estate Daily. Magellan Development Group LLC, the developer and owner of the prominent high-rise near Millennium Park, has agreed to sell to the New York investment firm an unspecified majority stake in the building's 474 apartments, parking and commercial space, according to people familiar with the transaction. See more about Aqua in the main article on this page.

—Hey, big spender: Despite the sluggish economy, some Chicago homes still managed to sell for quite a pretty penny, according to the Huffington Post. An 11,000-square-foot home located at 866 N. Howe ( with six bedrooms and five baths ) sold for $8.5 million—the biggest sale ever recorded in Lincoln Park. Three condos sold at the Elysian, 11 E. Walton, at prices ranging from $6.28 million to $8.18 million, while a six-bedroom, 5.5-bath single-family home at 1650 W. Surf sold for $1.77 million.


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