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Habitat Buys South Loop Tower for $125 M

The Chicago company also continues to expand its national profile.

By Brian J. Rogal | brianjrogal | Updated on September 14, 2017

chi-1333southWabash (2) Habitat and its partner, Newport Beach, CA-based Pacific Life and Township Capital, paid $125.1 million for the luxury tower.

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.

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