More than six decades after building the 1,869-unit Lake Meadows housing complex in Bronzeville, Draper & Kramer is under contract to sell the project. With a unit count of 1,869 units it is one of the biggest local apartment properties to change hands since 2007 when 2,356-unit Presidential Towers changed ownership.
The buyer for this transaction is Englewood N.J.-based Antheus Capital which has become one of Chicago’s largest multifamily landlords on its South Side. Sources familiar with this transaction have reported that although an exact figure has not been released yet it could easily exceed $150 million dollars; similar to 2019’s sale of Prairie Shores (1,675 apartments) for $168.4 million or $100k per unit according to MSCI Real Assets . Photo courtesy Healy Construction .
