Record-Setting Sale Announced for Chicago Apartment
- Jan 19, 2015
Chicago—Related Midwest announced the sale of OneEleven Apartment Tower located at 111 W. Wacker Dr. in Chicago, which sold for over $328 million to Heitman. This sale sets a record at $651,000 per unit, becoming the highest amount paid for an apartment building in Chicago.
After acquiring the property in 2011, Related redeveloped the property from a 90-story hotel and condominium tower into a 60-story luxury apartment high-rise. “The acquisition of OneEleven in 2011 came at a significant discount to replacement cost,” says Justin Metz, managing principal of Related Fund Management. “In just three years, we were able to bring new resources, develop a marquee core asset and maximize value for our partners and investors.”
Leasing for this apartment began in spring 2014 and the property opened in July of 2014. The 504-unit luxury apartment tower is designed by New York-based Handel Architect and features interior designs by Kara Mann. Built on Wacker Drive and Clark Street, in Chicago’s downtown loop, the property offers for lease a mix of studio, convertible and one-, two- and three-bedroom residences and penthouses. The building also comes with more than 30,000 square feet of indoor and outdoor amenity space which includes spa pool, fitness center and deck.
Additionally, the building is conveniently located placing its residents within walking distance of shopping and access to transportation. The building itself contains a lower-level commercial space totaling 32,000 square feet, 4,200 square feet has been leased to SoulCycle, a premier indoor cycling brand.