CHICAGO-Miami-based Crescent Heights has closed on its $159 million sale of the Regents Park apartment complex here, in one of the largest apartment sales in the city since the recession. Sources say Antheus Capital, through the firm RP Holdings LLC, purchased the two towers with 1,031 units in the city’s Hyde Park neighborhood.

The buildings were constructed in the early 1970s over the site of a former resort hotel that was being used by the US Army. The south tower is 37 stories and the north tower is 36 stories. The towers were reportedly crime-infested within a few years of operation, but were brought back to solid operation by developer Bruce Clinton. The complex is about 90% occupied, sources say.

Antheus, which owns other multifamily buildings in the area, assumed the existing financing on the Regents Park and has already started operating the property. The company came under fire in early November after it was learned the new firm fired most of the former management staff.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.