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Chicago & Midwest  + Downtown  + Apartments  | 

Draper and Kramer Adds to Portfolio with River North Rentals

Draper and Kramer expanded its multifamily portfolio by acquiring HUBBARD221, a 195-unit luxury apartment tower in River North. The acquisition completed a 1031 exchange, following the firm’s sale of the 1,675-unit Prairie Shores in Bronzeville. Terms of the HUBBARD221 purchase weren’t disclosed.

“In terms of what constitutes a core investment under Draper and Kramer’s current acquisition strategy, HUBBARD221 checked all the boxes,” said Blas Puzon, Draper and Kramer’s CIO. “It’s a high-quality asset that will stand the test of time thanks to its ability to deliver the live-work-play lifestyle that so many renters seek.”

Built in 2017 by Centrum Partners and located at 221 W. Hubbard St., HUBBARD221 will now be part of Draper and Kramer’s management portfolio. The company manages more than 8,000 units in Chicago and nationally.

Draper and Kramer was represented internally in the HUBBARD221 acquisition. CBRE’s John Jaeger, Dan Cohen and Justin Puppi represented the seller.


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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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