CHICAGO, IL - CIM Group announced today that it has acquired Chestnut Place, a 280-unit, 30-story apartment building with ground floor retail located at 8 W. Chestnut Street in joint venture with Golub & Company. The property sellers were a joint venture partnership between USAA Real Estate and another Golub & Company entity. Built in 1982, the property has views of Lake Michigan to the east and Washington Square Park to the west, and underwent a recent renovation, which included a new lobby and entrance on Chestnut Street and updated amenities. Nearly half of the units have been upgraded, and the new ownership will undertake an enhanced unit renovation program throughout the building.
Chestnut Place is well-located near public transit with CTA bus and Red Chicago “El” train connections within a block, and is a short walk to the Brown/Purple “El” stops. With its central position on State Street, it is also proximate to a variety of highly desired amenities, including Oak St. Beach and multiple shopping and dining/entertainment corridors including Chicago’s Magnificent Mile, Oak Street and Rush Street.
“We are pleased to maintain our ownership role in Chestnut Place, which holds an important place in our Chicago area portfolio,” said Michael Newman, president and CEO, Golub & Company. “The planned renovations will build on the transformation that was already begun, and continue to elevate all the residences to meet the needs of today’s residents.”
CIM has qualified many of Chicago’s neighborhoods as communities in which it will invest, and utilizes its broad expertise to develop, reposition, or operate properties to serve the real estate needs as well as enhance the value of the neighborhood. The acquisition of Chestnut Place is another significant addition to CIM’s expanding Chicago portfolio.
CIM Group and Golub & Company have partnered on other properties in Chicago including 1001 South State Street – a 41-story multifamily residential tower, 1550 N. Clark condominiums, 625 North Michigan mixed-use office and condominium, and Tribune Tower. CIM’s other Chicago area investments include Block Thirty Seven the 275,000-square-foot 5-level retail center in Chicago’s Loop, Marquee at Block 37 the 34-story, 690-unit residential apartment tower on top of Block Thirty Seven, 440 S La Salle office complex, 1326 S State apartment tower currently under construction, and 1237 and 1643 N Milwaukee Avenue.