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Laramar Group buys 656-unit South Loop apartment for $165.7M
The deal marks the first change of ownership since the building was completed in 1967 and follows a 2025 property tax reassessment that lowered the assessed value to about $142M.
Laramar Group has acquired the 656-unit apartment building at 1130 S. Michigan Ave. in Chicago’s South Loop from Draper and Kramer for $165.7M, according to transfer tax records cited by Bisnow.
The purchase, identified as “Eleven Thirty,” will be the property’s first ownership change since it was built in 1967. Laramar Chief Investment Officer Ben Slad said in a release that the building offers views, a resident amenity package, and unit layouts, and that planned renovations are expected to further improve the resident experience.
Bisnow also reported that the sellers previously listed the property for sale in 2023 without reaching a deal. CoStar News said the asset was on the market again in October 2024, reportedly alongside a loan the buyer could assume, from Allianz Life Insurance, with an estimated remaining balance of about $85.8M, a 3.7% interest rate, and a 2047 maturity date.
Additional public records referenced by Bisnow show the Cook County Board of Review reduced the property’s assessed market value on appeal to about $142M for 2025, down from an initial assessment of about $170M. The article frames the sale as another sign of heightened investor interest in Chicago multifamily in 2026, pointing to a Northmarq report that found roughly 50% more transactions in the first half of the year than in the same period in 2026, with median pricing around $240K per unit.