Draper and Kramer Brings Two South Loop Apartment Towers to Market
Longtime Chicago landlord Draper and Kramer has put two South Loop apartment towers up for sale, reported Crain’s Chicago Business. The listings occur at a time when downtown rents are near record highs, but simultaneously the investment sales market has been sluggish.
Draper and Kramer hired Berkadia to sell Eleven Thirty, a 656-unit high-rise at 1130 S. Michigan Ave. completed in 1967 and once the tallest building in Chicago south of Congress Parkway. The firm has also engaged CBRE to market Aspire, a 275-unit building it developed near McCormick Place that opened in 2020.
“While we typically invest in properties long-term, as was the case with Eleven Thirty and other assets, we will always evaluate transactional opportunities that are in the best interests of our investors and in consideration of current market conditions,” Blas Puzon, CIO at Draper and Kramer, told Crain’s.
Pictured: Aspire at 2111 S. Wabash Ave.