, IL—Capri Capital Partners, LLC (“Capri”), on behalf of an institutional investor, has joined The Habitat Company (“Habitat”) to recapitalize Kingsbury Plaza, a 420-unit luxury apartment building in Chicago’s River North neighborhood. The newly formed joint venture will enable ownership to continue making strategic upgrades intended to further enhance the property’s appearance, experience and marketability. The property was originally constructed by Habitat and opened in 2007. Habitat has retained an equity position and will continue providing day-to-day property management services on behalf of ownership.
One of the tallest structures along the Chicago River, the 47-story Kingsbury Plaza is truly a premier multifamily rental property in the area. The building features striking, fountains, award-winning landscaping, an underground connection to the East Bank Club and excellent proximity to restaurants, stores, bus routes, rail lines and major freeways.
Kingsbury Plaza’s apartments range in size from 498 square-foot studios to 1,332 square-foot two-bedroom units, which all feature extraordinary unobstructed views of the Chicago skyline. The well-appointed apartments are outfitted with ample closet space, stainless steel appliances, granite countertops and custom cabinetry. Additionally, the property offers a number of resident amenities, including an outdoor sky terrace, an unmatched landscaped river walk, outdoor pool and spa, fitness center, social lounge, internet café, dog run and a dry cleaning drop-off and pickup location on the premises.
Upon closing, ownership will implement a renovation program to modernize the property to maintain its competitive position in the marketplace. Unit renovations will include the installation of wood flooring in the living and dining areas of all units, along with enhancements to the common area amenities.
“We are proud to be investing in our hometown of Chicago within one of the city’s most vibrant residential neighborhoods,” said Quintin E. Primo III, Chairman and Chief Executive Officer for Capri. “The Habitat team has earned a reputation as one of Chicago’s most highly regarded developers, owners and operators. We are excited to be teaming up with Habitat to recapitalize this property and elevate its competiveness in the marketplace.”
“Kingsbury Plaza is a high-quality, well-designed, trophy core asset that will continue to attract today’s discerning renter,” said Mark Segal , President and Chief Executive Officer of The Habitat Company. “We look forward to working closely with Capri to continue to deliver our award-winning customer service and introduce a series of upgrades to further solidify Kingsbury Plaza’s presence as a premier asset in this dynamic and thriving neighborhood.
About Capri Capital Partners
Capri Capital Partners, LLC is an SEC registered institutional real estate investment advisory firm which has acquired or originated over $10 billion in commercial real estate investments since its founding in 1992. Capri offers a broad spectrum of real estate equity and debt products to its clients through separate account, commingled fund, and joint venture formats. Over its 21 year history, Capri has developed a distinct capability in multifamily residential and urban investments. Diversified assets managed on behalf of its pension fund and other institutional investors totaled approximately $3.6 billion as of June 30, 2013. Capri is headquartered in Chicago, with additional offices in Los Angeles and the New York area. For more information, visit the company’s website www.capricapital.com.
About Habitat Company
Founded in 1971, The Habitat Company is a full-service real estate company, committed to the highest standards in management, service and development. Habitat has proudly earned its reputation for excellence in serving diverse communities and people. The company is an organization of more than 800 team members operating in metropolitan areas throughout the country dedicated to improving the communities they serve. The Habitat Company remains loyal to its mission to be an innovative leader in the development and management of a broad range of housing and real estate-related facilities. For more information, visit www.habitat.com.
This announcement does not constitute an offer to sell, or a solicitation of an offer to buy any security relating to Capri Capital Partners, LLC or any of its funds. Any offer or solicitation may be made only through the delivery of a definitive Private Offering Memorandum and all information contained herein is qualified in its entirety by such Memorandum.
Contact: Heather Herndon