Chicago—Golub & Co. has joined forces with Boston-based Alcion Ventures to acquire One East Delaware, a 306-unit luxury rental community in Chicago’s Gold Coast neighborhood. HFF represented the seller, Waterton Associates, in the transaction, and also arranged financing for the deal through Deutsche Bank on behalf of the buyer.
Financial terms of the deal have not been disclosed, but Crain’s Chicago Business reports that the tower might have fetched roughly $145 million—59 percent more than when it last traded in 2006.
“The One East Delaware opportunity was attractive because of the sustained demand for residential and retail options in the Gold Coast,” Mark Potter, co-founder & partner of Alcion Ventures, said in a statement.
“Our repositioning plan will make One East Delaware one of the most sought-after apartment buildings, in the heart of one Chicago’s most desirable neighborhoods, the Gold Coast,” added Michael Newman, CEO of Golub & Co.
Located at 1 E. Delaware Place in the Near North Side submarket, the LEED Gold-certified One East Delaware boasts an occupancy rate of 97.4 percent as of August, according to data from Yardi Matrix. The community offers studios, one-bedroom and two-bedroom apartments, attached indoor parking, a fitness center, business center, expansive sundeck and 24-hour door service. Residents also have access to the Potash Market grocery store and on-site retail options including Starbucks and a full-service Salon Buzz spa. Golub and Alcion plan to invest in upgrades at the 31-story community.
Golub & Co. has been keeping busy in the Windy City this fall. The Chicago-based firm partnered with CIM Group to acquire the 35-story Tribune Tower from Tribune Media Co. for approximately $240 million.
Image courtesy of Yardi Matrix