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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. 


Inside The Story

Draper and Kramer

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-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 15-20 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 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).

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