Downtown Chicago recently had reason to celebrate with the sale of one of its apartment building’s to a Miami-based developer—an event that hasn’t happened in two years.

Miami-based developer, Crescent Heights, recently signed a contract which makes them the proud new owners of City Front Place, a towering 480-unit apartment building located on the north bank of the Chicago River. The building was bought from Northwestern Mutual Life Insurance for $83 million.

Chicago has not seen a sale of one of its downtown apartment buildings for two years, so the city welcomes this huge sale with beaming smiles and nods of approval for Miami. The South Florida developer has significantly fueled hopes that the rental market will soon take the reins in the local market recover, and this sale was certainly a great starting point.

Via: The Real Deal