Chicago-based real estate development firms Golub & Co. and Farpoint Development have acquired Prairie Shores, a large-scale workforce housing apartment community in Chicago's Bronzeville neighborhood. The Goldman Sachs Urban Investment Group is the largest equity investor in the acquisition.
The 20-acre Prairie Shores campus includes five, 19-story towers with a total of 1,675 residential units.
"The property's close proximity to Chicago's central business district and increasing number of new residential, retail and entertainment offerings in the adjacent South Loop area made Prairie Shores uniquely attractive," Golub & Co. Principal, President and CEO Michael Newman said in a statement. "Prairie Shores has been a mainstay in the Bronzeville neighborhood since the late 1950s, and we plan to build on its solid reputation while continuing to serve the hard-working families and individuals who currently live there."
Farpoint Development is also leading the team that is developing the former Michael Reese Hospital site, which neighbors Prairie Shores, into Bronzeville Lakefront, a transformative project that will be a mixed-use technology, retail and hospitality space encompassing more than 100 acres of pristine Lake Michigan real estate.
Collin McKenna and Michael Goldman of Golub & Co. and Rami Peltz and Eric Helfand of Farpoint Development negotiated the transaction. The seller, Draper and Kramer, was represented by HFF, which was acquired by JLL on July 1. The brokerage team included Sean Fogarty, now with Artisan Capital Group, Kevin Girard, Wick Kirby and Marty O'Connell.
Financing is expected to be provided by ACORE Capital. Stephen Skok, Matthew Schoenfeldt and Christopher Knight of JLL along with Bill Barry of Draper and Kramer worked on behalf of the new ownership team to place the acquisition loan with ACORE Capital.
Terms of the transaction were not disclosed.
