 |
| The Chicagoan Apartment Tower, North Rush Street and East Chicago Avenue Chicago, IL |
CHICAGO, IL – 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.
 |
| Forrest Bailey |
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 |
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.
For a complete copy
of the company’s news release, please contact:
David H. Hooks, CRE
Managing Principal
MarketHooks Consulting, Inc.
500 West Madison Street
Chicago, Illinois 60661
Direct: +312.258.8780
Twitter@HFF.
No comments:
Post a Comment