Golub & Co. and Farpoint Development, both based in Chicago, added Goldman Sachs Urban Investment Group as an equity investor to acquire the Prairie Shores apartment campus, which includes five 19-story towers with 1,675 units in Chicago. The sales price remains undisclosed. The seller, Draper and Kramer, was represented by HFF, which was recently acquired by JLL.
The 20-acre community is located in the Bronzeville neighborhood on Chicago's South Side. Built between 1957 and 1961, the location offers easy access to the lakefront, several fitness centers, resident lounges, green space, and a large dog park.
“The property's close proximity to Chicago's central business district and an increasing number of new residential, retail, and entertainment offerings in the adjacent South Loop area made Prairie Shores uniquely attractive," said Michael Newman, principal, president, and CEO of Golub & Co. "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 hardworking families and individuals who currently live there."
Chicago’s Near South Side is home to a number of notable Second City landmarks, including Soldier Field, the Field Museum of Natural History, Wintrust Arena, Historic Motor Row, and McCormick Place. It remains an area of interest for continued development.
“We are thrilled to partner with Golub & Co. and the Goldman Sachs Urban Investment Group to bring Prairie Shores into our portfolio," said Scott Goodman, principal of Farpoint Development. “The Bronzeville community is already one of Chicago's proudest, and its future is equally exciting. We also look forward to bringing Bronzeville Lakefront, Chicago's most dynamic lakefront community, to life in the coming years.