Interra Realty has brokered the $82.5 million sale of Astoria Tower, a 30-story, 248-unit luxury multifamily high-rise at 8 E. 9th Ave. in Chicago’s South Loop. The price per unit was $332,661.
Senior Managing Partner Brad Feldman represented buyer 3L Real Estate, a Chicago-based private equity firm seeking to add to its portfolio. Although Astoria Tower already has many amenities, 3L plans additional offerings as part of a strategy to increase rents. Originally built as condos, Astoria Tower was converted to apartments – 205 units in 2010 and the balance in 2019 – by seller Crescent Heights, a Miami-based real estate company.
Built in 2009, Astoria Tower includes one-, two- and three-bedroom apartments with hardwood floors, kitchens with stainless appliances, granite countertops and contemporary cabinetry, and in-unit laundry. Some units also have balconies. Shared amenities include a 24-hour fitness center, indoor pool and whirlpool, sauna and steam rooms, spa treatment room, billiard room, movie theater room, business center, and two rooftop decks with views of Lake Michigan and the city.
Located two blocks from Grant Park, Astoria Tower is served by several bus routes and the Red Line. It is walkable to shops, restaurants and a range of attractions, including the Harold Washington Library, Art Institute, Millennium Park and Buckingham Fountain.