HFF announced that it has closed the sale of Regents Park, a two-tower, 1,031-unit multi-housing property with 7,591 square feet of ground floor retail space in Chicago.
HFF marketed the property on behalf of the sellers, who are members of the Crescent Heights group of companies. RP Holdings, LLC purchased Regents Park for $159 million and assumed the existing financing on the property.
Regents Park is located at 5020-5050 South Lake Shore Drive along the western shore of Lake Michigan in Chicago’s Hyde Park neighborhood. Hyde Park is six miles south of the “Loop” and is home to the University of Chicago and the University of Chicago Medical System. The 90 percent occupied property has studio, one-, two-, three- and four-bedroom units averaging 979 square feet each. Community amenities at Regents Park include a heated indoor pool with retractable roof, health club, business center, indoor children’s play area, Jacuzzi, sauna, dry cleaner, gourmet food market and restaurant with room service. The property also features a 688-space heated parking garage.
The HFF investment sales team representing Crescent Heights was led by executive managing director Matthew Lawton and managing directors Sean Fogarty and Marty O’Connell.
Crescent Heights is a trade name for a group of affiliated single purpose entities that develops and markets high-rise multi-housing properties and hotels throughout the United States.