CHICAGO—USAA Real Estate Co. and its partner Golub & Co. just acquired Chestnut Place, a 30-story residential building at 850 N. State St. Although the price was not disclosed, Cook County records show the companies paid $80.5 million.

Michael Goldman and Collin McKenna of Golub, and David Reahl of USAA, negotiated the purchase. The seller, Chestnut Place Associates, was represented by CBRE.

“Our plan is to make upgrades to the residential units, significantly expand on-site amenities, and improve the facades of ground-floor retail spaces to be more inviting to tenants and patrons alike,” said Michael Newman, president and chief executive officer of Golub.

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Brian J. Rogal

Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.