A venture consisting of Chicago-based Draper and Kramer, Incorporated, National Real Estate Advisors and the Wolbach family announced the sale of The Chicagoan apartment tower to Planned Property Management.
The Chicagoan, a newly renovated, luxury Class A, 221-unit building is located at the southwest corner of North Rush Street and East Chicago Avenue. The property features views of Lake Michigan and downtown, as well as access to all major expressways, train lines and other public transportation routes. The 37-story tower offers studio, one-, two- and three-bedroom floor plans averaging 925 square feet with amenities including, stainless-steel appliances, granite countertops, in-unit washers and dryers and floor-to-ceiling windows. Community amenities include a swimming pool with sundeck, fitness center, business center, 24-hour door service and electric car charging stations.
“The Chicagoan attracted a lot of interested buyers,” said Forrest Bailey, president and CEO of Draper and Kramer. “Breaking the $100 million mark wasn’t surprising, given the quality of the property and its terrific location. We are delighted with the result.”
Jeffrey Kanne, president and CEO, of National Real Estate Advisors, said: “The transaction offered National the opportunity to sell a mature asset when demand is peaking for prime infill apartment buildings. At the same time, National is developing state-of-the-art, sustainable and highly amenitized apartment projects in Denver, Minneapolis, San Francisco, Washington DC, Philadelphia, Houston and Jersey City to meet the needs of the modern renter and our build-to-core strategy.”
HFF marketed the property on behalf of the venture. The HFF investment sales team was led by managing directors Marty O’Connell and Sean Fogarty, associate director Wick Kirby and executive managing director Matthew Lawton.