Updated Sep 1, 2026
Laramar Group Acquires 656-Unit Multifamily Property In Chicago For $165.7 Million
1130 South Michigan Avenue
$165,700,000
Units
656
Asset Type
MultiFamily
Closing
Aug 31, 2026
About this deal
AI
The Eleven Thirty apartment property, located at 1130 South Michigan Avenue in Chicago, IL, is a multifamily asset consisting of 656 units. The sale price for this property was $165,700,000, which translates to a price per unit of $252,591. The deal was brokered by CBRE.
Summary of transation details:
- Property Type: Multifamily
- Transaction Amount: $165,700,000
- Buyer: Jeffrey Elowe - Laramar Group
- Seller: Todd Bancroft - Draper and Kramer
- Brokers: CBRE
- Units: 656
- Price Per Unit: $252,591
Jeffrey Elowe from Laramar Group successfully acquired the Eleven Thirty property from Todd Bancroft of Draper and Kramer. Laramar Group has plans for renovations to enhance the common areas and amenities of the property, having secured new debt as part of the transaction.
On the Map
$165,700,000
MultiFamily
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Players
Chicago MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.10%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93