CHICAGO—Chicago-based The Habitat Company continues to deepen its involvement in the city's burgeoning luxury housing market. The multifamily property developer and manager, which is also expanding its national profile, recently entered into a joint venture with Newport Beach, CA-based Pacific Life and Township Capital in the acquisition of 1333 S. Wabash, a 305-unit class A rental tower in Chicago's bustling South Loop neighborhood. The venture paid $125.1 million, according to Cook County property records.

Habitat now handles leasing and property management for the 28-story tower, and says tenants have already leased 75% of the units. The building has only been open for a little more than one year, so a relatively quick lease-up seems likely. Designed by Chicago-based Brininstool + Lynch, it 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,” says Matt Fiascone, Habitat's president. “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.”