CHICAGO, IL - Chicago-based Golub & Company, an international real estate investment and development firm, announced the acquisition of One East Delaware, a luxury rental community in Chicago's Gold Coast neighborhood, in a partnership with Boston-based Alcion Ventures. The 306-unit building is nestled among upscale shopping and dining options, offers easy access to public transportation and the Loop, and is steps from the lakefront and cultural destinations.
"We're pleased to add One East Delaware to our growing portfolio of high quality urban mixed-use properties," said Michael Newman, CEO of Golub & Company. "Our repositioning plan will make One East Delaware one of the most sought-after apartment buildings, in the heart of one of Chicago's most desirable neighborhoods, the Gold Coast."
A team from Golub and Alcion Ventures, a real estate private equity firm, negotiated the transaction. The seller, Waterton, was represented by HFF. HFF also arranged financing for the deal through Deutsche Bank on behalf of the purchaser. Terms of the deal were not disclosed.
One East Delaware offers studio, one- and two-bedroom apartments and attached indoor parking. Residences feature dramatic city views with floor-to-ceiling windows and spacious living areas. Residents enjoy amenities such as a fitness center, expansive sundeck, business center, and 24-hour door service. Residents have access to gourmet grocer Potash Market, while on-site retail includes Starbucks Coffee and full-service spa Salon Buzz. Golub & Company plans to enhance the current features and amenities.
"The One East Delaware opportunity was attractive because of the sustained demand for residential and retail options in the Gold Coast," said Mark Potter, Co-Founder and Partner of Alcion Ventures. "We look forward to continuing our relationship with Golub as we maximize the revenue potential of this property."
Golub & Company and Alcion Ventures are also co-investors in a portfolio of residential properties in many Chicago neighborhoods, including the recent acquisition of Lake Shore Tower in the historic Edgewater community.