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

TRD CHICAGO /
Jul.July 15, 2019 09:00 AM
From left: Golub & Company’s Michael Newman, Prairie Shores at 2851 South King Drive, and Farpoint Development’s Scott Goodman (Credit: Golub & Company, Prairie Shores, and Farpoint Development)

From left: Golub & Company’s Michael Newman, Prairie Shores at 2851 South King Drive, and Farpoint Development’s Scott Goodman (Credit: Golub & Company, Prairie Shores, and Farpoint Development)

Farpoint Development and Golub & Company are buying massive Prairie Shores apartment complex on the South Side.

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


Related Articles

arrow_forward_ios
Rendering of Bronzeville Lakefront Development & Farpoint Principal Scott Goodman

Farpoint-led team at Michael Reese megaproject lands anchor tenant for innovation center

Farpoint-led team at Michael Reese megaproject lands anchor tenant for innovation center
SEC chair Jay Clayton (Credit: Getty Images)

SEC investigating financially troubled housing nonprofit

SEC investigating financially troubled housing nonprofit
Wolf Point East at 313 W. Wolf Point Plaza and Nema Chicago at 1210 South Indiana Avenue (Credit: Hines, Nema Chicago)

Over 10K new apartments could flood Downtown Chicago by 2022. But there’s a catch

Over 10K new apartments could flood Downtown Chicago by 2022. But there’s a catch
Landing CEO & founder Bill Smith and one of Landing's apartments at 30 E. Adams St.

Membership-based leasing platform Landing uses $20M Series A round to expand to Chicago

Membership-based leasing platform Landing uses $20M Series A round to expand to Chicago
7250 S. Shore Drive and 6752 S. Michigan Avenue

Financially-distressed housing nonprofit selling 13 South Side properties

Financially-distressed housing nonprofit selling 13 South Side properties
Developer Sam Goldman and an original rendering of the apartment building at 7000 N. Glenwood Ave. 

To avoid rezoning battle, developer cuts Heartland Cafe redevelopment plans in half

To avoid rezoning battle, developer cuts Heartland Cafe redevelopment plans in half
New York-based firm Dodge Data & Analytics predicts Chicago’s new construction will fall by 10 percent in 2020 (Credit: iStock)

Chicago’s real estate industry could soon face some scary numbers

Chicago’s real estate industry could soon face some scary numbers
Co-CEOs Bleecker P. Seaman III, and Bradford W. Howe with Bourbon Square Apartments in Palatine

Broadshore Capital lands big refinance on 612-unit rental complex in Palatine

Broadshore Capital lands big refinance on 612-unit rental complex in Palatine
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...