Local investor Laramar Group scooped up a 656-unit apartment building at 1130 S. Michigan Ave. in the South Loop.
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Laramar acquired Eleven Thirty from Draper and Kramer for $165.7M, according to transfer tax records. The deal is the second-highest price for a Chicago apartment building this year, trailing only R.I.G. Capital's $167M multifamily buy in May.
It also is the first time the apartment tower will change hands since it was built in 1967.
“Eleven Thirty is a well-designed building with great views, a significant resident amenity package, and thoughtful unit layouts in a location that simply can't be replicated,” Laramar Chief Investment Officer Ben Slad said in a release. “We expect our planned renovations will further elevate the resident experience.”
Draper and Kramer previously listed the property for sale in 2023 but didn't secure a deal.
CoStar News reported the property was on the market in October 2024, reportedly alongside a low-interest-rate loan the new buyer could assume. At the time, the loan from Allianz Life Insurance had a remaining balance of about $85.8M, a 3.7% interest rate and a 2047 maturity date.
The Cook County Board of Review reduced the property's assessed market value on appeal to about $142M in 2025, down from an initial assessment of about $170M, according to property records.
The sale of Eleven Thirty is another indicator of increased investor interest in Chicago multifamily in 2026.
In the first half of the year, there were roughly 50% more Chicago multifamily transactions compared to the same period in 2026, according to a Northmarq report. Pricing has been fairly steady, with the median sale price at about $240K per unit. That is down 2% from 2025 and 4% from the 2024 peak.
UPDATE, AUG. 28, 2:10 P.M. CT: This story has been updated with additional information on the price of the sale.
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