SAN ANTONIO, Aug. 1, 2014 /PRNewswire/ -- USAA Real
Estate Company today announced the acquisition of Chestnut Place, a
30-story residential building located at 850 N. State Street in
Chicago, in partnership with
Chicago-based Golub & Company,
an international real estate investment and development firm.
Michael Goldman and Collin McKenna of Golub, and David Reahl of USAA, negotiated the
acquisition. The seller, Chestnut Place Associates, was
represented in the transaction by CBRE. The purchase price is
undisclosed.
"Chestnut Place Apartments makes a great addition to our
investment portfolio," commented USAA Real Estate Company CEO
Len O'Donnell. "With its prime
location in the Gold Coast -- one
of the most sought after residential and retail submarkets in
Chicago -- as well as the superior
management capabilities Golub & Company brings to bear, we
anticipate driving strong income from this appealing asset on
behalf of our investors."
Built in 1980, Chestnut Place consists of 280 convertible,
one-bedroom and two-bedroom apartments, with an average unit size
of 769 square feet. Half are one-bedroom units, preferred by
most Near North renters. Current amenities include a fitness center
and 24-hour doorman. The building also includes a 196-space,
4-story parking garage and 6,500 square feet of ground floor retail
space. Chestnut Place was constructed to give every unit at
least one corner window, and its location at the corner of Chestnut
and State Streets offers it a unique level of visibility from
Michigan Avenue and Rush
Street.
"We see tremendous potential for income growth at Chestnut
Place," said Michael Newman,
president and CEO of Golub. "Our plan is to make upgrades to
the residential units, significantly expand on-site amenities, and
improve the facades of ground-floor retail spaces to be more
inviting to tenants and patrons alike."
About USAA Real Estate Company
USAA Real Estate
Company, with approximately $12
billion in assets under management, provides co-investment,
acquisition, build-to-suit and development services for corporate
and institutional investors. The USAA portfolio consists of
office, industrial, multi-family, retail and hotel properties as
well as investments in real estate operating companies. USAA
Real Estate Company is a subsidiary of USAA, a leading financial
services company, serving military families since 1922. For
more information, visit www.usrealco.com.
About Golub & Company LLC
Chicago-based Golub & Company and its
affiliates are active internationally in real estate development,
acquisitions, asset and property management, leasing and corporate
real estate services. Since its founding more than 50 years ago,
the company has owned, leased or managed more than 45 million
square feet of commercial and multifamily real estate properties
valued in excess of $8 billion. More
information is at www.golubandcompany.com.
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SOURCE USAA Real Estate Company