Draper and Kramer, Incorporated, a national real estate services firm, today announced it has expanded its multifamily portfolio with the acquisition of HUBBARD221, a 195-unit luxury apartment tower in Chicago’s River North neighborhood. The property was purchased by Draper and Kramer through a 1031 exchange following the firm’s sale of Prairie Shores, a 1,675-unit, multi-building apartment community in Chicago’s Bronzeville neighborhood. Terms of the HUBBARD221 purchase were not disclosed.
Located at 221 W. Hubbard St., the 23-story property features a mix of studio, one-, two- and three-bedroom units, including a selection of penthouse residences, ranging from 467 to 1,511 square feet. Residents of the community enjoy easy access to retail, nightlife and restaurants, as well as leading employers throughout River North and the nearby central business district.
“As a company with a long and successful track record of owning and operating in Chicago, we remain bullish on the local multifamily market and its ability to deliver attractive risk-adjusted returns in the months and years ahead,” said Blas Puzon, chief investment officer with Chicago-based Draper and Kramer. “In terms of what constitutes a core investment under Draper and Kramer’s current acquisition strategy, HUBBARD221 checked all the boxes. 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, HUBBARD221 offers modern, open floor plans and luxury finishes throughout individual apartments, such as gray-tone plank flooring; gourmet kitchens with contemporary cabinetry, quartz countertops, porcelain backsplashes and stainless steel appliances; and spa-like baths with floating vanities and Kohler fixtures. All units have 9-foot or higher ceilings, floor-to-ceiling windows, custom closets and in-unit washer and dryer. Select apartments also offer a private balcony or terrace, built-in desk and walk-in closets.
Shared amenities at HUBBARD221 include a resident lounge; dedicated co-working space; chef’s kitchen and adjacent party room; state-of-the-art fitness center, yoga studio and meditation lounge; and an expansive rooftop terrace with grilling stations, a fire pit, cabanas, a pool and hot tub. The tower’s lower levels house a dog run, pet spa, bike storage and bike repair station.
Draper and Kramer, one of the largest property management firms in Chicago, will operate HUBBARD221 going forward, adding to its portfolio of more than 8,000 rental units across Chicago, St. Louis, Dallas and San Antonio.
“Our property management division has a proven track record with luxury-level buildings, both here in Chicago and in other markets,” said Puzon. “It should be a smooth transition for residents as our team continues to deliver the high level of service to which they’ve grown accustomed.”
Draper and Kramer was represented internally in the transaction. John Jaeger, Dan Cohen and Justin Puppi of CBRE represented the seller.