17-Jan-15 – $328 million bought 504 units of ultra luxury on a corner in the Chicago Loop with a history of breaking hearts for investors. (Left) OneEleven nears completion on May 22, 2014. (Click on images to view larger versions.)

Related Midwest announced on Friday it has sold OneEleven, a project it brought back from the brink in 2011 and says is currently 80 percent leased. The 60-story building’s first commercial tenant, an indoor cycling studio called SoulCycle, will open this fall.

Related did not identify the buyer. Published reports say it is Heitman LLC, a privately owned real estate investment management firm based in Chicago. Heitman manages $31 billion worth of real estate around the world.

In December, Heitman closed on 353 North Clark, buying the 44-story office tower in River North for a reported $715 million.

The exact price for 111 West Wacker was $328,225,000. It works out to $651,240 per unit, which is the most per unit anyone has ever paid for an apartment building in Chicago.

When Related Midwest purchased the site in 2011, construction had started on just 26 floors. The project was conceived as an 89-story condominium and hotel. Shangri-La Hotel & Resorts had planned to open its first United States location there. Construction of Waterview Tower started in 2006 and stopped in 2007 when the original developer, Teng & Associates, ran out of money.

(Right) Waterview Tower on March 4, 2012.

“By assembling a world-class design and construction team, we were able to take a distressed property along Chicago’s riverfront that for years was symbolic of the recession,” said Related Midwest president Curt Bailey, “and transform it into a luxury apartment tower that helped put the Loop on the map as one of Chicago’s top residential neighborhoods.”

On Friday, there were three listings on the MLS for two-bedroom apartments at OneEleven and the average rent was $3,689 per month.