Golub Sees Long-Term Potential With Its Latest Gold Coast Acquistion
A JV of Golub and Alcion Ventures acquired the 37-story One East Delaware from Waterton, in a reported $145M deal. It's Golub's second Gold Coast multifamily play in as many years and adds to the firm's rush of downtown activity. Golub delivered four new apartment developments in the Loop, Streeterville and the South Loop this year. The firm's other Gold Coast asset is Chestnut Place, across the street from One East Delaware. HFF repped Waterton in the transaction and arranged financing for the deal on behalf of the Golub-Alcion JV.
Golub CEO Michael Newman says there's room to expand rent spreads at the 306-unit building by renovating apartments and hiking rents, Crain's reports. If the reported sales price is accurate, One East Delaware is the third-largest multifamily sale of the year. The top two are Crescent Heights' $237M purchase of North Harbor Tower in May, and Invesco's $240M deal for North Water Apartments in January. The top five multifamily transactions of 2016 are all downtown and total $871M in transaction volume. [Crain's]
Want to hear more about the deal? Both sides are represented at BMAC Midwest—Waterton CEO David Schwartz and Golub EVP Lee Golub will be speaking about the multifamily market at this all-day event. Tickets here.