Laramar Group Acquires 656-Unit South Loop Tower for $166M

Chicago-based investor Laramar Group has acquired Eleven Thirty, a 656-unit, 43-story apartment high-rise located at 1130 S. Michigan Ave. in Chicago's South Loop, for $165.7 million. Transfer tax records confirm the acquisition from Draper and Kramer, marking the first time the 1967-built asset has traded hands since its original construction.

The transaction represents the second-priciest multifamily deal in Chicago during 2026, behind a $167 million acquisition by R.I.G. Capital in May. Draper and Kramer had previously attempted to sell the asset in 2023 and returned to the market in late 2024 with an assumable $85.8 million loan from Allianz Life Insurance featuring a 3.7% interest rate maturing in 2047. On appeal, the Cook County Board of Review had adjusted the asset's assessed valuation down to roughly $142 million in 2025 from an initial $170 million.

Laramar plans to execute capital improvements and renovations across the tower. The transaction highlights steady liquidity in Chicago's high-density multifamily market, where median per-unit pricing holds near $240,000 despite shifting assessment baselines.