CHICAGO—Golub & Co. and its partner Alcion Ventures have just acquired One East Delaware, a luxury rental community in Chicago's Gold Coast neighborhood, from Waterton. The partners plan to reposition and upgrade the 306-unit building and say that, although plans remain fluid, they could eventually push the rental rates up by between 10% and 20%. The price was not disclosed, but Crain's reported it was around $145 million.
The seller was represented by HFF. HFF also arranged financing for the deal through Deutsche Bank on behalf of the new owners.
The acquisition reflects the tremendous confidence that Golub officials have in the city's multifamily market, especially in the neighborhoods adjacent to the CBD. In addition to recently purchasing several significant residential assets, such as the 30-story Chestnut Place at 850 N. State in 2014, Golub has also launched the development of several new buildings. Earlier this month, for example, along with Los Angeles-based CIM Group, it opened a new 40-story residential tower at 1001 S. State St. in the South Loop neighborhood.
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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.
