CA Residential LLC, the multifamily investment and development arm of Chicago-based CA Ventures, together with joint venture partner K Giles LLC and equity partner Diamond Realty Investments Inc., recently celebrated the grand opening of Eleven40, a mixed-use, transit-oriented development located at 1140 S. Wabash Ave. in Chicago’s South Loop. Less than two months after welcoming its first residents, the 26-story, 320-unit tower is nearly 85 percent leased.
“We are thrilled to celebrate the grand opening of Eleven40, a transformational project that culminated in a signature high-rise in the heart of the South Loop,” said Tom Scott, CEO of CA Ventures. “The success of Eleven40 is a direct result of our strategic partnership with Keith Giles, whose skillful oversight guided the project toward completion. This development also would not have been possible without our lenders, PNC Real Estate and TCF Commercial Bank, and equity partner Diamond Realty Investments, whose team trusts our vision and has now worked with CA on 17 different projects spanning markets across the country.”
More than 100 guests attended the grand opening celebration, which included tours of three model apartments and the building’s 22,000 square feet of indoor and outdoor amenity spaces, including the rooftop Aqua Lounge. The event also featured hors d’oeuvres and an Eleven40-themed candy bar, a live band and games in the fifth-floor amenity space, equipment demonstrations in the fitness center, and a DJ on the rooftop deck.
“The energy of the grand opening celebration was a true reflection of what it’s like to live at Eleven40,” said Keith Giles, principal of K Giles LLC. “Whether they’re socializing over a round of pool or skeeball in the game room, performing live music in the jam room, or getting down to business in the co-working lounge, residents will enjoy rare amenities that reflect and enhance the energetic lifestyle embraced by South Loop residents.”
Designed by SCB, with interiors by BKV Group, Eleven40 offers studio, one-, and two-bedroom residences ranging in size from 389 to 1,027 square feet, with rents starting at $1,500 per month. Each unit features floor-to-ceiling windows that offer sweeping views of the city and lake in nearly every unit; a modern kitchen with polished quartz countertops, two-tone European-style cabinetry and stainless steel appliances; Grohe plumbing fixtures throughout; and in-unit washer and dryer. Select plans also feature private balconies.
Residents can also take in views from the rooftop Aqua Lounge, which features a pool, hot tub, landscaped terrace, fire pits, grilling stations and a bar area. Additional amenities include a fitness center with yoga and spin studio, co-working lounge with individual and collaborative workspaces, music jam room, media and gaming rooms, pet grooming station and outdoor dog run.
“Today’s renters want all of the amenities and high-end finishes that luxury apartment towers have to offer but at a more attainable price point,” said Louie Collela, business manager at Moxie Leasing Group, the exclusive leasing agency for Eleven40. “With units starting at $1,500 per month, Eleven40 is an attractive option for renters who want a modern, well-appointed residence in one of the city’s most vibrant urban neighborhoods.”
Residents of Eleven40 can take advantage of everything the South Loop has to offer, from abundant shopping, dining and nightlife to cultural amenities such as Grant Park, the Museum Campus and the Lakefront Trail. The nearby Roosevelt CTA station, which serves the Red, Green and Orange lines, provides convenient access to the Loop, Midway International Airport and other popular destinations throughout Chicago.
The Habitat Company is providing property management services for Eleven40. Lendlease served as general contractor for the development.
About CA Ventures
CA Ventures LLC is a Chicago-based real estate investment holding company whose international portfolio includes $7.8 billion in assets throughout the U.S., Europe and Latin America. While initially focused on student housing, CA Ventures has since diversified into other sectors, including office, senior lifestyle, multifamily, hospitality and industrial. In addition to development and renovation, the firm specializes in institutional joint ventures; value-add investing; equity and debt sourcing; and asset management services. CA Ventures serves as the holding company for the CA family of companies, including CA Student Living, CA Office / Vanderbilt Partners, CA Senior Living, CA Residential, CA Industrial, CAV International and CA Hospitality.
About K Giles LLC
Keith M. Giles has been a pioneer in development in the City of Chicago. Since 1987, he has developed many properties, including more than a dozen residential communities in Chicago’s South Loop. His experience includes residential high-rise development, historic renovation, adaptive reuse development, student housing, construction, and marketing of high density properties.