Laramar Group's $165.7M acquisition of Eleven Thirty, a 43-story, 656-unit apartment building at 1130 S. Michigan Ave. in Chicago's South Loop, is a notable data point for a multifamily market showing renewed investor interest in 2026. The sale, recorded in transfer tax records and reported by Bisnow, marks the first time the tower has changed hands since it was built in 1967. It ranks as the second-highest price for a Chicago apartment building this year, trailing only R.I.G. Capital's $167M multifamily buy in May. The transaction matters because it signals that institutional and local investors are willing to commit large amounts of capital to well-located, older Chicago apartment assets despite broader uncertainty in commercial real estate.
The mechanics of the deal reveal a property with a long ownership history and a recent, unsuccessful marketing attempt. Draper and Kramer previously listed the property for sale in 2023 but did not secure a deal. CoStar News reported the property was on the market again in October 2024, reportedly alongside a low-interest-rate loan the new buyer could assume. At that 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. Laramar Chief Investment Officer Ben Slad said in a release that "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," adding that planned renovations are expected to "further elevate the resident experience."
The evidence for this transaction comes from a single full-text secondary source, Bisnow, which cites transfer tax records, CoStar News reporting, property records, and a Northmarq report. The sale price of $165.7M is supported by transfer tax records, while the $167M comparison to R.I.G. Capital's May deal is drawn from the same Bisnow article. The $85.8M loan balance, 3.7% interest rate, and 2047 maturity date are attributed to CoStar News reporting from October 2024. The assessed value figures of $142M and $170M come from property records cited by Bisnow. The Northmarq report provides the market context: in the first half of the year, there were roughly 50% more Chicago multifamily transactions compared to the same period in 2026, with the median sale price at about $240K per unit, down 2% from 2025 and 4% from the 2024 peak. Because the dossier contains only one source read in full, the analysis must remain cautious about independent corroboration of these figures.
The sale has implications for the Chicago multifamily sector. The transaction volume increase cited by Northmarq suggests that buyer demand has strengthened even as per-unit pricing has softened modestly from the 2024 peak. A deal of this size, involving a 1967-vintage tower with an assumable low-rate loan, indicates that investors are finding value in older assets with renovation potential and favorable financing structures. Laramar's stated plan to renovate the property suggests a value-add strategy aimed at improving rents or occupancy. The fact that Draper and Kramer failed to sell the property in 2023 but succeeded in 2026 may reflect improved market conditions, a more realistic asking price, or the appeal of the assumable loan. However, the dossier does not provide the original 2023 asking price, the final negotiated terms beyond the transfer tax record, or the capitalization rate, so the exact pricing dynamics remain unknown.
Several limitations and unknowns should be noted. The evidence level is single full text, meaning all facts come from one Bisnow article and the sources it cites; no independent verification from Draper and Kramer, Laramar Group, or public filings is included in the dossier. The article contains an apparent typographical inconsistency in the Northmarq comparison period, stating transactions rose roughly 50% compared to the same period in 2026, which may be a drafting error in the source. The dossier does not specify whether the $165.7M price includes assumed debt or other adjustments, nor does it provide the property's net operating income, occupancy rate, or renovation budget. Investors and analysts should watch for subsequent disclosures from Laramar or Draper and Kramer, updated CoStar data, and any confirmation of the assumable loan terms, as these would clarify whether the deal reflects a broader repricing of Chicago multifamily assets or a property-specific opportunity.