Laramar Group Buys Chicago High-Rise for $166M
It's among the largest sales to take place in the metro this year.
Laramar Group has acquired Eleven Thirty, a 656-unit high-rise apartment community at 1130 S. Michigan Ave. in Chicago. The asset traded for $165.7 million, Crain’s Chicago Business reports, making it the second-largest multifamily deal in metro Chicago so far this year by price.
The seller was Draper & Kramer, which originally developed the property in 1967. Planned improvements to the property, Laramar Group says, will include expanding and updating its exercise facility and gym, adding remote working office stations and new entertainment space as well as enhancing its common areas and lobby.
Eleven Thirty rises 43 stories over Michigan Avenue and provides unobstructed views of Grant Park and Lake Michigan. The tower offers studio, one- and two-bedroom units that include a variety of finishes including granite or quartz countertops, stainless steel appliances and custom cabinetry. Units average 768 square feet and, as of the start of 2026, rent for an average of $2,428 a month, according to Yardi Matrix data.
Common-area amenities at 1130 S. Michigan Ave. include a 75-foot pool with outdoor cabanas, grills and a fire pit lounge, an outdoor dog park, a 24-hour concierge, a fitness center and a yoga studio. The community has quick access to downtown Chicago and its attractions, as well as a number of train and bus lines.
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The community also has conference rooms, a dedicated parking garage and more than 12,000 square feet of ground-floor retail.
Laramar Group currently owns 102 multifamily properties nationwide totaling more than 6,500 units, with a heavy concentration in greater Chicago. The company, which has offices in Chicago and Denver, also owns 235,000 square feet of commercial space.
Investors keen on Chicago multifamily
The only metro Chicago multifamily investment sale larger this year was R.I.G. Capital’s $167 million May acquisition of Pavilion Apartments, a 1,115-unit multifamily community at 5441 N. East River Road in the O’Hare submarket.
Overall, investors have been active in the market this year, with multifamily sales reaching $1.8 billion during the first four months of the year—before the recent sizable deals—which is $700 million more than the volume during the same period in 2025, according to Yardi Matrix data.
Other recent apartment deals include Respark Residential and LaTerra Capital Management’s purchase of a seven-property multifamily portfolio in Chicagoland from Apartment Investment and Management Co. 3650 Capital provided $104 million for the acquisition.
In May, the State Teachers Retirement System of Ohio purchased The Fynn, a 212-unit community in west suburban Elmhurst for $85 million. In August, Aris Sulejmani acquired a 169-unit, 1920s-era apartment building in Chicago for $34 million. Wirtz Realty, run by the family that co-owns the United Center and the Chicago Blackhawks hockey team, sold the asset at 422-424 W. Melrose St.
