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DC-Based Buyer Enters Chicago with Deal for Clybourn Rentals

Washington, DC-based Gelman Companies entered the Chicago market, paying $75 million for the Residences at the NewCity in the North Side’s Clybourn Corridor, Crain’s Chicago Business reported.

Gelman bought the 16-story tower, which sits atop the NewCity shopping center, from its developers: Structured Development and Bucksbaum Retail Properties of Chicago, and New York-based JPMorgan Asset Management. The 199-unit luxury apartment property was completed in 2016.

The building is close to a large downtown workforce and to the affluent neighborhoods of Lincoln Park, Old Town and Bucktown. The Clybourn Corridor, known mainly for its retail, has also begun attracting attention from multifamily developers, Crain’s reported.

However, NewCity could face competition from Sterling Bay’s Lincoln Yards nearby, as the $6-billion mega-project is built out. It’s expected to include up to 6,000 apartments.

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Inside The Story

Read more at Crain’s ChicagoConnect With Gelman Companies

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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