Draper and Kramer didn’t venture far from its home base in the Windy City to make its latest acquisition. Last week, the owner and operator purchased Eleven33, a 12-story, 263-unit luxury rental community in Oak Park, Illinois, about 10 miles west of downtown Chicago, according to a press release.
Location was a major draw for Draper and Kramer. Eleven33 sits across from the Chicago Transit Authority's Harlem/Lake Green Line station and Metra’s Oak Park station on the Union Pacific West Line, both of which provide service to downtown Chicago. The property is also within walking distance of a variety of shopping and dining options, as well as several local parks.
“We continue to be bullish on Chicago, and not just because it is our home market,” Blas Puzon, chief investment officer with Draper and Kramer, told Multifamily Dive in emailed comments. “We are seeing strong renewals across our local portfolio, especially with rising home prices creating a hurdle for some to homeownership here, and Chicago’s limited multifamily development pipeline points to a positive outlook for rent growth.”
The property, completed in 2019, is currently 95% leased and has averaged 94.4% occupancy since January 2024, according to the press release. It has studio, one-, two- and three-bedroom apartments, with monthly rents currently starting at $1,945. The units feature 9- and 10-foot ceilings, oversized windows, plank-style flooring throughout the main living areas, in-unit laundry, sizable walk-in closets and contemporary kitchens.
Eleven 33’s amenities include a 24-hour fitness center with yoga and exercise studios; a parlor area with a billiards table; two conference rooms; a clubroom and entertainment lounge with a catering kitchen; indoor bike storage; a resort-style sun deck on the fifth floor with a terrace, fire pits and grilling stations; and pet-washing stations and an enclosed indoor dog run.
“Eleven33 was completed fairly recently, in 2019, and is a Class A property with many of the amenities today’s renters are looking for, so it is already a great building,” Puzon said. “We do plan a few upgrades in terms of common area improvements, mostly in the way of FF&E [furniture, fixtures and equipment]. Our goal is to make some enhancements that will refresh the look and feel and help enhance the sense of community with the shared gathering spaces.”
Draper and Kramer, which has also taken over management of Eleven33, currently operates a portfolio of more than 5,500 units. The company owns 4,600 units across Chicago; St. Louis; Dallas; Austin, Texas; Phoenix; and Denver.
Puzon said Draper and Kramer will be active in 2026 to the extent that the firm can find the right opportunities to re-allocate equity from existing assets within its portfolio.
“Like many firms, we are carefully watching how the market plays out in 2026,” Puzon said. “However, the pace and timing of market activity will be metro-specific as each are faced with different supply conditions and economic demand generators.”
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