September 26, 2023 at 6:00 AM EDT

Chicago’s 727 West Madison tower — a luxury residential building with poolside cabanas and a yoga studio — sports a new owner these days: the billionaire founder of the Zara clothing chain.

Amancio Ortega snapped up the building in Chicago’s West Loop neighborhood last month for $232 million, joining a growing number of the super-wealthy betting on US renters.

Up Next

World’s Mega-Rich Are Betting on US Renters to Grow Their Billions