News
I LOVE THE '80s VINTAGE APARTMENTS
August 25, 2011
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| That's what Golub & Co senior director of acquisitions & development Adam Short and principal/EVP Lee Golub told us about their recent purchase of the 579-unit, 11-building Hamilton Court apartment complex in Elk Grove Village last week. This marks Golub's second acquisition of a '70s or '80s vintage suburban apartment complex in a year. The first, the 504-unit Clover Creek in Lombard, is now for sale after Golub made improvements to its common areas and units. That's also the plan for Hamilton Court, Adam tells us. The 1979 complex can benefit from a lot of modern amenities like a clubhouse (and maybe a Gremlin extermination). |
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| Golub financed the $40M purchase with JV partner Alcion Ventures through Freddie Mac, which gave them a good rate but was a slightly slower process, Lee says. While Golub is traditionally known for its urban high-rise development, they've owned and managed more than 50,000 units throughout the country and are seeing a big opportunity right now in refurbishing older buildings that are already well-leased. That doesn't mean they'll stop building downtown though: Lee says Golub is going through the zoning process for another apartment tower near the new Streeter Place apartments. Golub also just achieved LEED Silver on two of its office towers at 225 W Washington and 33 N LaSalle. |
