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Key Points
FPA Multifamily acquired the nearly 400-unit North Water Apartments in Streeterville for $175 million, setting the high water mark for a Chicago multifamily sale this year.
A key element of the deal was FPA Multifamily's ability to assume Crescent Heights' existing $112 million Freddie Mac loan at a below-market interest rate of 5.45 percent.
The $175 million price is slightly higher than what Crescent Heights paid in 2023 but remains well below the $240.31 million paid by a previous owner in 2016, reflecting the current mixed state of the Chicago-area multifamily market.