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Golub and Farpoint Snare Massive Complex on Near South Side
Golub and Farpoint Development have agreed to pay $180 million, or about $107,000 per unit, for Prairie Shores, a 1,675-unit apartment complex on the Near South Side, Crain’s Chicago Business reported. They’re buying it from Draper and Kramer, which developed the five-tower complex between 1957 and 1961.
Assuming the sale goes through, Prairie Shores would be the largest Chicago multifamily property to change hands in 12 years, Crain’s reported. Presidential Towers, a 2,346-unit project in the West Loop, sold in 2007.
The property happens to sit in an Opportunity Zone. It’s also adjacent to Burnham Lakefront, a 12-million-square-foot mixed-use project planned for a roughly 100-acre parcel incorporating the site of the former Michael Reese Hospital.
Prairie Shores potentially could be integrated into Burnham Lakefront’s combination of residential, office and retail, reported Crain’s. The complex’s new owners may be able to justify higher rents through upgrades.
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- ◦Sale/Acquisition
