CHICAGO--(BUSINESS WIRE)--Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of Burnham Pointe, a 298-unit high-rise apartment property in Chicago’s South Loop.
The HFF team advised on the transaction between the seller, Crescent Heights, and the buyer, a joint venture between Draper and Kramer, Incorporated and Intercontinental Real Estate Corporation. The property was purchased free and clear of existing financing.
Burnham Pointe is located at 730 S. Clark Street within walking distance to the Harrison, LaSalle and Library/Van Buren “L” stations; the LaSalle Street Metra station; and retail and dining amenities in the historic Printer’s Row neighborhood. The 28-story property comprises a mix of one- and two-bedroom luxury units featuring spacious layouts, stainless steel appliances, floor-to-ceiling windows and large balconies. Community amenities include a resistance pool, spa, sauna, outdoor terrace with fireplaces, fully equipped fitness center, clubroom with full kitchen/bar, private lounge, dog run and 24-hour doorman. The property is 96 percent occupied.
The HFF investment advisory team included managing directors Sean Fogarty and Marty O’Connell, senior director Wick Kirby and director Kevin Girard.
About Crescent Heights
Crescent Heights is the nation's leading urban real estate firm, specializing in the development, ownership and operation of architecturally distinctive mixed-use high-rises in major cities across the United States. For over three decades, the firm has successfully completed land entitlements, built new construction projects and created value-add strategies for existing developments. The firm's diverse portfolio is built on a wide range of product types, including design-savvy micro units, spacious signature residences and extensive indoor and outdoor amenity packages reaching up to 75,000 square feet. Known for its commitment to innovation, Crescent Heights has a long history of catalyzing the evolution of emerging neighborhoods with creatively conceived projects. For more information, please visit http://www.crescentheights.com/.
About Draper and Kramer, Incorporated
Draper and Kramer, Incorporated is a vertically integrated property and financial services company that has a long history of the successful creation, enhancement and management of first-class real estate. Headquartered in Chicago, Illinois, the company is led by President and Chief Executive Officer, Forrest D. Bailey, great-grandson of founder Adolph Kramer. The primary services offered include: management of multi-family residential (rental and condominium) and commercial properties (office, industrial and retail), arranging debt and equity financing for commercial property, residential mortgage banking, and acquisitions and development.
About Intercontinental Real Estate Corporation
Intercontinental Real Estate Corporation (Intercontinental) is an SEC-registered investment adviser with deep expertise in real estate investment, finance, development, construction management and asset management. Since 1959, Intercontinental and its affiliates have managed, developed, and owned over $10 billion in real estate property. Today, Intercontinental owns and manages a portfolio in excess of $6 billion for its clients. Intercontinental balances its portfolio both by robust property mix and by geographic diversification, while actively seeking opportunities to invest in both core and core plus, as well as value-add development projects. Visit www.intercontinental.net for more information.
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.