Laramar Group Acquires 656-Unit Eleven Thirty High-Rise in Chicago's South Loop

CHICAGO — Laramar Group has completed the acquisition of Eleven Thirty, a 656-unit, 43-story high-rise apartment community at 1130 S. Michigan Ave. in Chicago's South Loop, the firm announced Aug. 27, 2026. The transaction transfers a tower that had been held by its original developer, Draper & Kramer, since the building's completion in 1967.

Property Overview and Location

Constructed in 1967 as a concrete and steel high-rise, Eleven Thirty sits along Michigan Avenue directly fronting Grant Park and offers views of Lake Michigan. The property's South Loop location places it within walking distance of the Museum Campus, Millennium Park, the Lakefront Trail, and the new $750 million, 22,000-seat Chicago Fire Stadium. The building carries a Walk Score of 96, a Transit Score of 100, and a Bike Score of 93, and is within a 15-minute walk of more than 100 million square feet of Chicago CBD office space. A CTA station serving three train lines and six bus routes is located at the building's entrance.

The 43-story tower includes 12,053 square feet of fully leased ground-floor retail in addition to its 656 residential units. Unit types span studios, one-bedroom, and two-bedroom layouts, with finishes that include granite or quartz countertops, stainless steel appliances, and custom cabinetry. The property was more than 95% leased at the time of marketing, with asking rents averaging approximately $2,306 per unit, or $3.03 per square foot.

Existing amenities include a 75-foot outdoor pool with cabanas, grills, and a fire pit lounge; a fitness center and yoga studio; conference rooms; an outdoor dog park; a 24-hour concierge; and a dedicated parking garage.

Laramar's Value-Add Strategy

Ben Slad, Chief Investment Officer for Laramar Group, said the firm intends to build on the building's existing strengths through a targeted renovation program.

"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," Slad said. "We expect our planned renovations will further elevate the resident experience."

Planned improvements include expanding and updating the exercise facility and gym, adding remote-work office stations and new entertainment space, and enhancing the lobby and common areas. Given the building's strong in-place occupancy and rent profile, Laramar's business plan centers on amenity enhancement and long-term net operating income optimization rather than lease-up.

"We are excited about this property due to its dynamic location, premier amenities package and broad-based appeal to renters," Slad added.

Capital Structure

The property carried an existing loan originated in 2017 by Allianz Life Insurance Co. with a remaining balance of approximately $85.8 million, a 3.7% fixed interest rate, and a maturity date in 2047. The loan is assumable and amortizing, with combined principal and interest payments of approximately $463,061 per month. The assumable, long-term, sub-4% fixed-rate financing was highlighted in marketing materials as a key component of the investment thesis, offering rate protection in an environment where new debt carries materially higher costs. Sale price and cap rate were not publicly disclosed.

CBRE handled the marketing of the property, with a team that included John Jaeger, Justin Puppi, Jason Zyck, Danny Zeboski, and Pete Marino.

Market Context

The South Loop submarket sits at the southern edge of Chicago's downtown core and has been among the tighter multifamily submarkets in the Midwest, supported by constrained new supply and sustained renter demand from the adjacent CBD employment base. Eleven Thirty's transit access, walkability scores, and proximity to major cultural and recreational destinations position it as a core urban infill asset. Laramar's planned upgrades — particularly the addition of remote-work office stations — reflect broader trends in urban multifamily, where operators have moved to support work-from-home use cases and activated common areas to drive retention and rent growth.

Laramar Group is a national real estate investment and management firm with a portfolio spanning core and secondary U.S. markets, typically pursuing value-add and core-plus strategies across garden, mid-rise, and high-rise multifamily assets.

Sources

Laramar Group — Eleven Thirty Acquisition Announcement