The Habitat Company has announced the start of construction of a 43-story, 450-unit luxury high rise in Chicago in a joint venture with Multi-Employer Property Trust and a major institutional investor.
The luxury multifamily community will be located at 360 W. Hubbard St. in Chicago’s River North neighborhood, across the street from the East Bank Club. This latest project adds to the more than 17,000 residential units developed by The Habitat Company in its 40-year history. Bentall Kennedy represents its clients, an institutional investor and MEPT, a $5.4 billion real estate equity fund, in the transaction.
The rental residences will be smoke-free and will include top-of-the-market finishes, amenities and services, including 29,000 square feet of indoor and outdoor amenity space to accommodate year-round activities. The development will be seeking LEED Silver certification under the Leadership in Energy and Environmental Design system of the U.S. Green Building Council.
The project’s architect is Solomon, Cordwell, Buenz & Associates, which has designed many residential buildings around Chicago, including The Habitat Company’s Kingsbury Plaza development located across the street. The general contractor for the development is James McHugh Construction Co.
Upon its completion in late 2013, the development will be managed by The Habitat Company. The Habitat Company currently manages for its own account and for third parties over $2 billion of assets comprised of more than 20,000 residential units of market rate, affordable, condominium, student and public housing units in Illinois and four other states.
John Jaeger, Dan Cohen and Carrie Houck of CBRE’s Multi-Housing Group and John Clifford, Peter Marino, and Jesse Karasik of CBRE’s Capital Markets Debt & Equity Finance Group worked in tandem to raise financing for this development on behalf of Habitat.
When combined with its recent acquisition of 480-unit and 360-unit multifamily assets in Ann Arbor, Michigan, The Habitat Company concluded transactions in December having a total value of close to one-quarter of a billion dollars.