Draper and Kramer Expands Chicago Footprint

Draper and Kramer Inc. has expanded its holdings in Chicago with the acquisition of HUBBARD221, a 23-story, 195-unit luxury apartment tower in the River North neighborhood. The property was purchased through a 1031 exchange following the firm’s sale of Prairies Shores, a 1,675-unit, multi-building apartment community in Chicago’s Bronzeville section. Terms of the purchase were not disclosed. The seller was not identified but the property at 221 W. Hubbard St. was developed by Hubbard Street Group and Centrum Realty and Development and completed in late 2017. A $53 million three-year construction loan was originated by BMO Harris Bank in June 2016 for the property, according to Yardi Matrix data.