CHICAGO—Capri Capital Partners, LLC will join The Habitat Company in recapitalizing Kingsbury Plaza, a 420-unit luxury apartment building in Chicago's burgeoning River North neighborhood. Although the building was originally constructed by Habitat and opened only six years ago, they feel it is time to bring in funds that will help them continue to make strategic upgrades that the company says will enhance the property's appearance and marketability. Habitat retains an equity position and will continue providing day-to-day property management services on behalf of the owners.
The new partners did not disclose any financial details.
Unit renovations will include the installation of wood flooring in the living and dining areas of all units, along with enhancements to the common areas. The 47-story Kingsbury Plaza is one of the tallest structures along the Chicago River, has an underground connection to the East Bank Club, outdoor sky terrace, a landscaped river walk, fitness center and many other amenities. The apartments range in size from 498-square-foot studios to 1,332-square-foot two-bedroom units.
“We are proud to be investing in our hometown of Chicago within one of the city's most vibrant residential neighborhoods,” says Quintin E. Primo III, chairman and chief executive officer for the Chicago-based Capri. Mark Segal , the president and chief executive officer of Habitat says the planned upgrades will “further solidify Kingsbury Plaza's presence as a premier asset in this dynamic and thriving neighborhood.”
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
