CIM Group and Golub & Co., partners in marquee Chicago real estate assets like Tribune Tower and 1001 South State, acquired Chestnut Place, a 280-unit building at 8 West Chestnut in the Gold Coast, Crain's Chicago Business reports.

CIM and Golub are acquiring an asset that is in the middle of a makeover and believe the newly renovated units will command top rents.

The acquisition comes amid growing speculation that downtown multifamily real estate is nearing, if not in, a bubble. Investors are checking down from new product on the market like CIM's Marquee at Block 37 to find value-add assets where better yields are a possibility. For Golub, Chestnut Place continues a Gold Coast buying spree. Golub partnered with Alcion Ventures to obtain One East Delaware, across the street from Chestnut Place, in 2016's fourth-biggest apartment trade.

The seller is a venture headed by USAA Real Estate. Golub was a partner in that venture and handles the leasing and property management for the building. Terms of the deal were not disclosed.