Crescent Closes Regents Park Sale for $159M

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.

The seller reportedly purchased the towers from Vornado Realty Trust in 2005 for $128 million. The apartments, which average at 979 square feet and rent for around $1,400, have a lot of occupants from the nearby University of Chicago.

Amenities include a heated indoor pool with retractable roof, health club, indoor children’s play center, a gourmet food market and a restaurant with room service. The property also includes a 688-space heated parking garage.

Matthew Lawton with HFF, assisted by Sean Fogarty and Marty O’Connell, represented the seller in the transaction. Crescent Heights, a trade name for a group of affiliated single purpose entities that develops and markets high-rise housing, has owned or built other Chicago properties such as 30 E. Huron, the Skyline Residences and Cityfront Place, which it sold to RREEF America REIT II in July for $107 million.