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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.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition

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