Draper and Kramer, Incorporated expanded its Chicago-area portfolio with the acquisition of Eleven33, a 12-story, 263-unit luxury rental community in Oak Park, Illinois, about 10 miles west of downtown Chicago. The firm will also assume management of the property.
Located in downtown Oak Park at 1133 South Blvd., Eleven33 is across from the CTA’s Harlem/Lake Green Line station as well as Metra’s Oak Park station on the Union Pacific West Line, which both provide service to downtown Chicago. The building is also walking distance from a variety of shopping and dining options along nearby Lake Street and within the city’s Pleasant District, several local parks including Scoville Park, the Oak Park Public Library and Oak Park’s famed Frank Lloyd Wright Historic District.
“Although our multifamily portfolio spans markets across the country, Draper and Kramer always has been and always will be a Chicago company, so when this property became available, we knew it was a special opportunity to invest in our own backyard,” said Blas Puzon, chief investment officer with Draper and Kramer. “Eleven33 hits the sweet spot for us as an amenity-rich Class A building in a highly walkable area — in this case, one of Chicago’s most popular inner-ring suburbs. The lifestyle offered not only by Eleven33 but also the surrounding neighborhood gives it tremendous appeal among renters seeking lower-density urban living.”
Completed in 2019, Eleven33 is currently 95% leased and has averaged 94.4% occupancy since January 2024. It offers studio, one-, two- and three-bedroom apartments, with monthly rents currently starting at $1,945. Units, which measure from 512 to 1,500 square feet, feature 9- and 10-foot ceilings and oversized windows; plank-style flooring throughout the main living areas; in-unit laundry; generously sized walk-in closets; and contemporary kitchens with quartz countertops, two-tone cabinetry with undermount lighting, stainless steel appliances including gas cooktops, and waterfall islands with designer pendant lighting, per plan. Select units also have a private balcony or terrace, or access to a shared terrace.
Amenities at Eleven33 include a 24-hour fitness center with yoga and exercise studios; parlor area with billiards table; two conference rooms; a clubroom and entertainment lounge with catering kitchen; and indoor bike storage. Residents also have access to a resort-style sun deck on the fifth floor, with a spacious terrace, fire pits and grilling stations. Eleven33 is a pet-friendly building, offering residents access to pet washing stations and an enclosed indoor dog run with direct outdoor access. While Eleven33 is adjacent to public transit, the building also has a controlled-access parking garage with 252 resident spaces available for rent and 148 public spaces.
Draper and Kramer has also taken over management of Eleven33, adding the community to its portfolio of Chicago-area properties under management. One of the leading privately held, full-service real estate firms in the United States, Draper and Kramer currently manages a portfolio of more than 5,500 rental units, including more than 4,600 owned by Draper and Kramer, across Chicago, St. Louis, Dallas, Austin, Phoenix and Denver.
Newmark represented ownership of Eleven33 in the property’s sale. Draper and Kramer did not have broker representation.
