Farpoint, Golub buying huge South Side apartment complex
At more than 1.6K units, it would be the largest apartment property sold in a decade
The two Chicago developers have agreed to pay Draper & Kramer $180 million for the 1,675-unit complex at 2851 South King Drive, according to Crain’s.
The 60-year-old complex totals 20 acres and would be the largest apartment complex to be sold in Chicago since the 2,346-unit Presidential Towers complex traded hands in 2007, according to Crain’s.
HFF brokered the sale.
The acquisition of Prairie Shores solidifies Farpoint’s presence on the near South Side, where it also is leading the team working to develop the Burnham Lakefront megaproject on the site of the former Michael Reese Hospital. Draper & Kramer also is part of the Burnham Lakefront development team.
Golub, meanwhile, still has a number of projects in the pipeline around Chicago, including its ongoing redevelopment of the Tribune Tower complex with frequent partner CIM Group.
Despite the sale, Draper & Kramer will maintain a strong presence in the area; it still owns the nearby 2,000-unit Lake Meadows rental complex. The Chicago firm also earlier this year started work on a 24-story, 275-unit apartment building at 2111 South Wabash Avenue that won city approval in 2016. [Crain’s] — John O’Brien