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Bronzeville Apartment Complex Sells for $161M
It’s now clear just how much one of the largest Chicago apartment properties has been sold for. According to Crain’s Chicago Business, the New Jersey-based investor Antheus Capital paid $161 million for the 1,869-unit Lake Meadows housing complex in Bronzeville.
By unit count, it’s the biggest local apartment property to change hands in more than a decade, when the 2,356-unit Presidential Towers changed ownership. The 70-acre property is located between Lake Shore and Martin Luther King Drives and features a mix of mid-rise and high-rise apartments.
Designed by Skidmore Owings & Merrill, it was the biggest privately financed urban renewal project in the country when it was built on a former slum razed by the city. Draper & Kramer had owned Lake Meadows since developing the nine-building complex in the 1950s. The acquisition adds more units to Antheus’ increasing apartment portfolio of South Side properties, which continues to grow.
Photo courtesy of Healy Construction.
