Farpoint, Golub close on massive Bronzeville resi complex

The Chicago developers initially agreed to pay $180M for Prairie Shores

Dec.December 09, 2019 03:45 PM
Golub & Company’s Michael Newman, Prairie Shores at 2851 South King Drive, and Farpoint Development’s Scott Goodman

Golub & Company’s Michael Newman, Prairie Shores at 2851 South King Drive, and Farpoint Development’s Scott Goodman

Farpoint Development and Golub & Company have closed on the purchase of the 1,675-unit Prairie Shores apartment complex.

The two Chicago developers paid just under $177 million for the massive property at 2851 South King Drive in Bronzeville, records show. Draper & Kramer, which built the complex 60 years ago, was the seller.

The closing price is nearly identical to the reported amount — $180 million — when the two sides agreed to terms in July.

The five-building Prairie Shores complex is spread across 20 acres. It is the largest multifamily property to sell in Chicago since the 2,346-unit Presidential Towers development in the West Loop sold in 2007, according to Crain’s.

HFF brokered the sale and marketed the property as a rehab opportunity.

Both developers are working on other high-profile projects in Chicago.

Farpoint is leading the team — which also includes Draper & Kramer — that’s working to develop the Burnham Lakefront megaproject on the site of the former Michael Reese Hospital, not far from Prairie Shores. Golub is redeveloping the Tribune Tower complex, along with frequent partner CIM Group.

Draper & Kramer still owns the nearby 2,000-unit Lake Meadows rental complex and has been working on its long-planned 24-story, 275-unit tower at 2111 South Wabash Avenue near McCormick Place.

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