Crain’s Chicago Real Estate Daily reports that the Illinois Teachers’ Retirement System has acquired a majority interest in Kingsbury Plaza, 520 N Kingsbury in River North. The Habitat Company, which developed the building, retained a minority stake in the building and will continue to manage it.
In an indication of how competitive the downtown apartment market has become, Kingsbury Plaza will be renovating units, including installation of wood flooring in living areas. Common area amenities, already lavish, will be enhanced. In a less active market one wouldn’t expect to see a makeover in a 6-year-old building.
Note: Kingsbury Plaza is the sponsor of YoChicago’s Guide to renting in River North.