Habitat Lists One333 Apartment High-Rise Near The 78

The owners of a South Loop apartments near a mixed-use development site that will include a Major League Soccer stadium are looking for an out nine years after buying it.

Chicago-based Habitat hired CBRE brokers John Jaeger, Justin Puppi, and Jason Zyck to sell the 305-unit 28-story high-rise at 1333 South Wabash Avenue. Habitat snagged the building, colloquially known as One333, for $125 million in 2017.

The building is being marketed for its proximity to the 78 megadevelopment, a 62-acre site that is set to feature a blend of residential and commercial fixtures, including a new $750 million privately financed stadium for the Chicago Fire. Rents, which average $2,799 per month, are expected to climb amidst an area-wide construction pipeline slowdown, according to Crain’s.

The complex is 96 percent occupied, according to the outlet, and units average 919 square feet. The building has two-story penthouses available for rent, which feature European style kitchens, 20-foot ceilings and private entrances. Amenities for all residents include a fitness center, social lounges, bike storage space and a pet spa.

As the downtown construction pipeline stays at a trickle and renovations of unused office space into multifamily complexes take time to complete, the rents will continue to rise. The spike has seen landlords across the downtown area test the market waters for sale and cash out while prices are climbing and expected to go further.

The run on listing downtown Chicago apartment building listings has spanned over a year. CMK Companies, who built One333, listed its property at 1400 South Wabash in February last year. Just this June, Waterton sold the two-building Grand Central apartment complex at 221 West Harrison Street to RPM Living for $103.5 million. Waterton, who acquired the Grand Central buildings in 2023 for $81 million, effectively flipped the complex.

— Hunter Cooke