Category: Illinois

Draper and Kramer expands Chicago portfolio with acquisition of HUBBARD221

HUBBARD221 Roof Deck and Pool
Amenities at HUBBARD221 include an expansive rooftop terrace with grilling stations, a fire pit, cabanas, a pool and hot tub.


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.

Draper and Kramer expands Chicago portfolio with acquisition of HUBBARD221

HUBBARD221 Roof Deck and Pool
Amenities at HUBBARD221 include an expansive rooftop terrace with grilling stations, a fire pit, cabanas, a pool and hot tub.


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.



Draper and Kramer expands Chicago portfolio with acquisition of HUBBARD221

HUBBARD221 Roof Deck and Pool
Amenities at HUBBARD221 include an expansive rooftop terrace with grilling stations, a fire pit, cabanas, a pool and hot tub.

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.

Draper and Kramer expands Chicago portfolio with acquisition of HUBBARD221

HUBBARD221 Roof Deck and Pool
Amenities at HUBBARD221 include an expansive rooftop terrace with grilling stations, a fire pit, cabanas, a pool and hot tub.

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.

Kiser Group brokers 2000 Illinois in Aurora, Illinois

2000 Illinois
Kiser Group brokered 2000 Illinois, a 128-unit, 5-story property in Aurora, Illinois. FPA Multifamily acquired the asset.


Kiser Group, Chicago’s leading multifamily brokerage firm, recently brokered 2000 Illinois, a 128-unit, 5-story property in Aurora, Illinois. FPA Multifamily acquired the asset. Kiser Group’s Matt Halper and Danny Mantis represented both the buyer and seller in the transaction.

“2000 Illinois demonstrates the value investors continue to see in both mid-size suburban apartment properties and workforce housing,” said Broker Matt Halper. “Because of the size and renter base of the asset, we were able to position our marketing so it would appeal to local and national investors alike. After nearly 30 tours, we received various offers from highly credible buyers and the cap rate at the transaction price was 5.64%.”

2000 Illinois features 104 one-bedroom units, 24 two-bedroom, 150 surface parking spaces, 52 covered parking spaces and an outdoor pool and sundeck. The asset was originally constructed in 1973. In 2014, the seller entered into a Land Use Restriction Agreement (LURA) with IHDA which stipulated that 25 percent of the units be income-restricted to 60 percent area median income for a 10-year period.

“While many local investors were unfamiliar with the LURA that was put in place by IHDA, we found that investors more familiar with market-rate multifamily properties were most attracted to the sale,” said Broker Danny Mantis. “This was a nuanced transaction because of the mix of affordable and market-rate residents. With the limited inventory of workforce housing located in the suburbs coming to market each year, there continues to be strong interest from all types of investors for this product type.”



Kiser Group brokers 2000 Illinois in Aurora, Illinois

2000 Illinois
Kiser Group brokered 2000 Illinois, a 128-unit, 5-story property in Aurora, Illinois. FPA Multifamily acquired the asset.

Kiser Group, Chicago’s leading multifamily brokerage firm, recently brokered 2000 Illinois, a 128-unit, 5-story property in Aurora, Illinois. FPA Multifamily acquired the asset. Kiser Group’s Matt Halper and Danny Mantis represented both the buyer and seller in the transaction.

“2000 Illinois demonstrates the value investors continue to see in both mid-size suburban apartment properties and workforce housing,” said Broker Matt Halper. “Because of the size and renter base of the asset, we were able to position our marketing so it would appeal to local and national investors alike. After nearly 30 tours, we received various offers from highly credible buyers and the cap rate at the transaction price was 5.64%.”

2000 Illinois features 104 one-bedroom units, 24 two-bedroom, 150 surface parking spaces, 52 covered parking spaces and an outdoor pool and sundeck. The asset was originally constructed in 1973. In 2014, the seller entered into a Land Use Restriction Agreement (LURA) with IHDA which stipulated that 25 percent of the units be income-restricted to 60 percent area median income for a 10-year period.

“While many local investors were unfamiliar with the LURA that was put in place by IHDA, we found that investors more familiar with market-rate multifamily properties were most attracted to the sale,” said Broker Danny Mantis. “This was a nuanced transaction because of the mix of affordable and market-rate residents. With the limited inventory of workforce housing located in the suburbs coming to market each year, there continues to be strong interest from all types of investors for this product type.”

Draper and Kramer tops off and reveals name of 275-unit apartment tower in Chicago’s South Loop

Aspire Residences
Draper and Kramer_Aspire Rendering: Designed by Solomon Cordwell Buenz, Aspire features an asymmetric base and glass tower with a “sawtooth” facade that maximizes views within units.


Draper and Kramer, Incorporated, yesterday celebrated the topping-off of its new 24-story, 275-unit apartment tower at 2111 S. Wabash Ave. in Chicago’s South Loop. Called Aspire Residences, the transit-oriented development—located less than a block from the CTA’s Cermak/McCormick Place Green Line station—is the largest residential community built in the South Loop’s McCormick Square area since 2010. Completion is scheduled for summer 2020.

“Aspire continues the transformation of this corner of the South Loop into a vibrant mixed-use district that is close to downtown while enjoying its own distinct identity,” said Ed Polich, executive vice president of real estate with Draper and Kramer. “This area looks very different today than it did a decade ago, with a number of new entertainment and recreation offerings coming online, so we saw an opportunity to introduce a new yet attainable level of housing that reflects the evolution of the neighborhood. With a variety of floor plans, an appealing mix of amenity offerings and a highly walkable location near the lakefront and historic Motor Row, Aspire checks all the boxes.”

Aspire will offer a mix of one-, two- and three-bedroom plans ranging in size from 529 to 1,411 square feet and priced from $1,800 per month. Residences will feature open layouts, plank flooring, floor-to-ceiling windows and virtually unobstructed views in all directions. Modern kitchens boast European-style cabinets, stone countertops and stainless steel appliances.

The tower’s fourth floor will house 25,000 square feet of amenity space, including a pub lounge, arcade, fitness center and work-from-home spaces. Outdoor amenities include a pool and landscaped roof terrace.

Designed by Solomon Cordwell Buenz, Aspire features an asymmetric base and glass tower with a “sawtooth” facade that maximizes views within units and will create a prismatic effect as sunlight dances across the building throughout the day. The general contractor for the project is a joint venture between Chicago-based Power Construction Company LLC and Ujamaa Construction.

According to Polich, Aspire’s development is part of an overall strategy by Draper and Kramer to build or acquire well-located Class A properties in submarkets where long-term growth is expected.

“We believe this particular pocket of the South Loop is like Fulton Market five years ago or Wicker Park in the 1990s—a place that benefits from a rich history while embracing new uses that support continued growth and investment,” Polich said. “Here, that growth is especially evident in a pipeline of new entertainment offerings that continue to shape this area as a destination in and of itself, making it all the more attractive for new residential development.”

Aspire is convenient to a number of restaurant and nightlife offerings, some of which are housed in historic buildings along Motor Row. It is also central to several new hotels, the Wintrust Arena and McCormick Place. Other cultural, recreational and entertainment destinations along the lakefront, including Soldier Field, the Museum Campus, Lakefront Trail and Northerly Island, are also nearby.

In addition to being steps from the Cermak/McCormick Place station—which offers a five-minute train ride to downtown—Aspire has convenient access to Lake Shore Drive and the Dan Ryan, Stevenson and Eisenhower expressways.



Draper and Kramer tops off and reveals name of 275-unit apartment tower in Chicago’s South Loop

Aspire Residences
Draper and Kramer_Aspire Rendering: Designed by Solomon Cordwell Buenz, Aspire features an asymmetric base and glass tower with a “sawtooth” facade that maximizes views within units.

Draper and Kramer, Incorporated, yesterday celebrated the topping-off of its new 24-story, 275-unit apartment tower at 2111 S. Wabash Ave. in Chicago’s South Loop. Called Aspire Residences, the transit-oriented development—located less than a block from the CTA’s Cermak/McCormick Place Green Line station—is the largest residential community built in the South Loop’s McCormick Square area since 2010. Completion is scheduled for summer 2020.

“Aspire continues the transformation of this corner of the South Loop into a vibrant mixed-use district that is close to downtown while enjoying its own distinct identity,” said Ed Polich, executive vice president of real estate with Draper and Kramer. “This area looks very different today than it did a decade ago, with a number of new entertainment and recreation offerings coming online, so we saw an opportunity to introduce a new yet attainable level of housing that reflects the evolution of the neighborhood. With a variety of floor plans, an appealing mix of amenity offerings and a highly walkable location near the lakefront and historic Motor Row, Aspire checks all the boxes.”

Aspire will offer a mix of one-, two- and three-bedroom plans ranging in size from 529 to 1,411 square feet and priced from $1,800 per month. Residences will feature open layouts, plank flooring, floor-to-ceiling windows and virtually unobstructed views in all directions. Modern kitchens boast European-style cabinets, stone countertops and stainless steel appliances.

The tower’s fourth floor will house 25,000 square feet of amenity space, including a pub lounge, arcade, fitness center and work-from-home spaces. Outdoor amenities include a pool and landscaped roof terrace.

Designed by Solomon Cordwell Buenz, Aspire features an asymmetric base and glass tower with a “sawtooth” facade that maximizes views within units and will create a prismatic effect as sunlight dances across the building throughout the day. The general contractor for the project is a joint venture between Chicago-based Power Construction Company LLC and Ujamaa Construction.

According to Polich, Aspire’s development is part of an overall strategy by Draper and Kramer to build or acquire well-located Class A properties in submarkets where long-term growth is expected.

“We believe this particular pocket of the South Loop is like Fulton Market five years ago or Wicker Park in the 1990s—a place that benefits from a rich history while embracing new uses that support continued growth and investment,” Polich said. “Here, that growth is especially evident in a pipeline of new entertainment offerings that continue to shape this area as a destination in and of itself, making it all the more attractive for new residential development.”

Aspire is convenient to a number of restaurant and nightlife offerings, some of which are housed in historic buildings along Motor Row. It is also central to several new hotels, the Wintrust Arena and McCormick Place. Other cultural, recreational and entertainment destinations along the lakefront, including Soldier Field, the Museum Campus, Lakefront Trail and Northerly Island, are also nearby.

In addition to being steps from the Cermak/McCormick Place station—which offers a five-minute train ride to downtown—Aspire has convenient access to Lake Shore Drive and the Dan Ryan, Stevenson and Eisenhower expressways.

Interra Realty brokers largest multifamily sale in a decade in Chicago’s Kenwood neighborhood

Interra Realty brokered the $5.575 million sale of 4740-48 S. Greenwood Ave., a 31-unit rental building in Chicago’s Kenwood neighborhood. It was the highest per-unit price paid for a single property in Kenwood in the last 10 years.


Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the sale of 4740-48 S. Greenwood Ave., a four-story, 31-unit rental community in Chicago’s Kenwood neighborhood. The asset sold for $5.575 million, or $179,839 per unit, which was the highest price per unit for a single property in Kenwood in the last 10 years, according to CoStar data.

Interra Senior Managing Partner Joe Smazal represented the private seller in the transaction, while Associate Harrison Pinkus represented the private buyer. The building’s apartments were fully occupied at the time of closing.

“Investors are actively seeking deals in Kenwood and other fast-growing submarkets on Chicago’s South Side,” said Smazal. “This gut-rehabbed building with modern finishes and vintage charm is a rarely available asset situated in a historic area of Kenwood surrounded by mansions with large, deep lots. We procured multiple written offers and closed the deal at a price that reflects the desirability of investments in this neighborhood.”

Built in 1922, 4740-48 S. Greenwood offers 12 one-bedroom and 19 two-bedroom apartments, each with one bath. Residences feature hardwood flooring and updated kitchens with granite countertops and stainless steel appliances. Other on-site amenities include laundry facilities and a large courtyard.

“Well-maintained and professionally managed, the property offered buyers a stabilized property in an ideal location near the University of Chicago and public transportation,” added Smazal. “With several large-scale mixed-use developments planned nearby in the South Loop, and transformative projects like the Obama Presidential Center to the south, Kenwood is among the neighborhoods that will see continued investment.”

Residents of 4740-48 S. Greenwood are within walking distance of Hyde Park’s trendy retail stores and restaurants, as well as the Lake Michigan shoreline and the 47th Street Metra stop. The property also offers convenient access to Lake Shore Drive and an express CTA bus route for a quick commute to downtown Chicago.



Interra Realty brokers largest multifamily sale in a decade in Chicago’s Kenwood neighborhood

Interra Realty brokered the $5.575 million sale of 4740-48 S. Greenwood Ave., a 31-unit rental building in Chicago’s Kenwood neighborhood. It was the highest per-unit price paid for a single property in Kenwood in the last 10 years.

Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the sale of 4740-48 S. Greenwood Ave., a four-story, 31-unit rental community in Chicago’s Kenwood neighborhood. The asset sold for $5.575 million, or $179,839 per unit, which was the highest price per unit for a single property in Kenwood in the last 10 years, according to CoStar data.

Interra Senior Managing Partner Joe Smazal represented the private seller in the transaction, while Associate Harrison Pinkus represented the private buyer. The building’s apartments were fully occupied at the time of closing.

“Investors are actively seeking deals in Kenwood and other fast-growing submarkets on Chicago’s South Side,” said Smazal. “This gut-rehabbed building with modern finishes and vintage charm is a rarely available asset situated in a historic area of Kenwood surrounded by mansions with large, deep lots. We procured multiple written offers and closed the deal at a price that reflects the desirability of investments in this neighborhood.”

Built in 1922, 4740-48 S. Greenwood offers 12 one-bedroom and 19 two-bedroom apartments, each with one bath. Residences feature hardwood flooring and updated kitchens with granite countertops and stainless steel appliances. Other on-site amenities include laundry facilities and a large courtyard.

“Well-maintained and professionally managed, the property offered buyers a stabilized property in an ideal location near the University of Chicago and public transportation,” added Smazal. “With several large-scale mixed-use developments planned nearby in the South Loop, and transformative projects like the Obama Presidential Center to the south, Kenwood is among the neighborhoods that will see continued investment.”

Residents of 4740-48 S. Greenwood are within walking distance of Hyde Park’s trendy retail stores and restaurants, as well as the Lake Michigan shoreline and the 47th Street Metra stop. The property also offers convenient access to Lake Shore Drive and an express CTA bus route for a quick commute to downtown Chicago.