Venture Sells The Chicagoan Apartment Building in Chicago’s River North Neighborhood for $104 Million
A venture consisting of Chicago-based Draper and Kramer, Incorporated, National Real Estate Advisors and the Wolbach family announced today 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.
About Draper and Kramer, Incorporated –
Founded in 1893, Draper and Kramer, Incorporated is a vertically integrated company providing property and financial services in real estate. The firm is led by President and Chief Executive Officer, Forrest D. Bailey, and is headquartered in Chicago, Illinois. In addition to development activity, Draper and Kramer provides both debt and equity financing for commercial property, residential mortgage banking (dba 1st Advantage Mortgage), acquisitions, asset management and property management of multi-family rental residential, condominiums, and commercial properties including, office, industrial and retail property types. Draper and Kramer provides a single source of real estate-related counsel to a diverse group of investors in real estate across the U.S. and in South America: corporations, private and institutional owners and users of real estate government agencies, condominium associations and foundations. www.draperandkramer.com
About National Real Estate Advisors –
National Real Estate Advisors has $2.4 billion in net assets under management invested in commercial and multifamily real estate valued at $7.4 billion (as of 12/31/14).Through its open-end fund and separate account for pension fund clients, the company invests in major U.S. urban markets, using a build-to-core strategy in large-scale development and redevelopment projects. National builds investment portfolios of stabilized modern property assets—apartment, office, mixed-use, industrial, data centers and hotels—with design features, technological enhancements, and amenities that can drive high tenant demand and create value over time. The firm is a subsidiary of the National Electrical Benefit Fund. For more information visit, www.natadvisors.com.
About Planned Property Management –
Planned Property Management owns and manages 28 residential buildings totaling more than 3,000 units in the most sought-after neighborhoods of Chicago.
About HFF –
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.