Chicago-based The Habitat Company, a leading U.S. multifamily property developer and manager, today announced it has entered into a joint venture with Newport Beach, Calif.-based Pacific Life and Township Capital, a Los Angeles-based private-equity firm in the acquisition of 1333 S. Wabash, a 305-unit Class A rental tower in Chicago’s bustling South Loop neighborhood.
Designed by Chicago-based Brininstool & Lynch, the 28-story modern building opened in August 2016 and is currently 75 percent leased. 1333 S. Wabash offers a mix of one-, two- and three-bedroom units, including nine duplex penthouses.
“This building presented a great opportunity for us – along with our partners – to acquire an asset below today’s replacement cost and benefit from continuing growth of Chicago’s rental market,” said Matt Fiascone, president of The Habitat Company “We know the South Loop will continue to mature with new residential development, schools – like the proposed CPS high school – retail and entertainment, and we’re excited to be part of the neighborhood fabric with such a significant building like 1333 S. Wabash.”
Located just two blocks from Grant Park, 1333 S. Wabash is steps from landmarks like Chicago’s famed Museum Campus, Soldier Field and McCormick Place, as well as nearby retail in the South Loop neighborhood, including Trader Joe’s, Whole Foods and The Shops at Roosevelt Collection. Only a few short blocks from the CTA’s Roosevelt Road station, the apartment tower will provide residents with easy access to the Red, Green and Orange Line L stops.
Building amenities include a heavily landscaped courtyard on the fourth floor that features a lounge area, fire pit and custom-built grill stations. Inside, the building offers a spacious club level with a state-of-the-art workout facility as well as a demonstration kitchen and lounge area.
While the building is still relatively new, Fiascone said Habitat does plan to enhance select common spaces with additional upgrades and also make minor changes to interior units. But because of the high caliber of unit finishes, such as hardwood flooring, quartz countertops, large walk-in closets and floor-to-ceiling windows, Fiascone said very little needs to be done at the building.
According to Bryan Sullivan, vice president of acquisitions and investment at The Habitat Company, the fact that 1333 S. Wabash was in such pristine condition was especially appealing to Habitat and its financial partners. “This is a stunning building that’s only a year old, so it’s a perfect fit for our partners’ long-term investment strategy,” said Sullivan. “A building like this is an excellent way to start off our first venture with Pacific Life and Township Capital, who together provided the necessary investment, which allowed us complete the largest value acquisition in Habitat’s history.”
Habitat is also handling leasing and property management for 1333 S. Wabash.
This is the fourth apartment acquisition for The Habitat Company this year, totaling just under 1,000 units.
For more information about 1333 S. Wabash, call (312) 899-1333 or visit www.1333wabash.com.
About The Habitat Company:
Founded in 1971, The Habitat Company is a full-service residential real estate company specializing in property management, acquisitions and development. One of the largest residential property developers and managers in the United States, with over $3 billion in assets and more than 22,000 units under management across five states, the company’s portfolio spans a range of property types, from mid- and high-rise condominium, apartment and adaptive reuse developments to senior and affordable housing communities. Headquartered in Chicago, with more than 800 employees throughout the United States, Habitat is dedicated to improving the communities it serves through innovation and a commitment to excellence. For more information, visit www.habitat.com.
Chicago-based The Habitat Company has recently acquired 1333 S. Wabash (the taller building on the left), a 305-unit Class A rental tower in Chicago’s South Loop neighborhood.