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https://www.chicagobusiness.com/comm...ex-hits-market

February 28, 2019 12:00 PM UPDATED 9 HOURS AGO
Huge South Side housing complex hits the market
With 1,675 apartments, Prairie Shores would be the biggest Chicago-area multifamily property to change hands in 12 years.

ALBY GALLUN

Six decades after building it, Chicago developer Draper & Kramer plans to sell its Prairie Shores housing complex on the Near South Side, one of the biggest Chicago housing complexes from the controversial urban-renewal era.

Draper & Kramer has hired the Chicago office of HFF to seek a buyer for the five-building rental property, which spans 20 acres along Martin Luther King Drive. With 1,675 apartments, Prairie Shores would be the biggest Chicago-area multifamily property to change hands since the 2007 sale of Presidential Towers, a 2,346-unit complex in the West Loop, according to Real Capital Analytics, a New York-based research firm.

HFF is pitching Prairie Shores as an opportunity for an investor to bet big on an emerging Chicago neighborhood close to Lake Michigan. The property is a few blocks south of McCormick Square, an area around McCormick Place that has attracted new investment and development, and is immediately west of Burnham Lakefront, a massive mixed-use project planned on the site of the former Michael Reese Hospital.