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Draper and Kramer Under Contract for Massive Bronzeville Sale
More than six decades after building the 1,869-unit Lake Meadows housing complex in Bronzeville, Draper & Kramer is selling the project, reported Crain’s Chicago Business. By unit count it’s the biggest local apartment property to change hands since 2007, when the 2,356-unit Presidential Towers changed ownership.
Draper & Kramer has agreed to sell Lake Meadows to one of the biggest multifamily landlords on Chicago’s South Side, Englewood, N.J.-based Antheus Capital, according to people familiar with the transaction. The deal occurs four years after the sale of Prairie Shores, another big Draper & Kramer housing project north of Lake Meadows.
Although it’s not clear what Antheus is paying for the property, the price could easily exceed $150 million, reported Crain’s. In 2019, Draper & Kramer sold Prairie Shores, with 1,675 apartments, for $168.4 million, or $100,000 per unit, according to MSCI Real Assets.
Photo courtesy of Healy Construction.
- ◦Sale/Acquisition
