CHICAGO, IL – Chicago-based international real estate developer Golub & Company and USAA Real Estate announced that they have formed a joint venture and bought Century Tower. A vintage, luxury Chicago high-rise, Century Tower is located at 182 W. Lake Street and currently includes 292 residential condominiums in the heart of Chicago’s Loop.

Built in 1930 and on the National Register of Historic Places, the building was converted from office to multifamily rentals in 2001, and then converted to condominiums in 2006. The joint venture team has de-converted the existing condominium association and plans to renovate the residential units and shared amenity spaces to offer them as rental apartments. 

“Century Tower’s desirable location in the midst of the downtown business, dining, and shopping district, coupled with its historic charm, offered a unique investment opportunity,” said Michael Newman, president and CEO, Golub & Company. “Our plotted renovations will bring the units up to date with the needs and desires of today’s downtown renter, and offer a unique, historically-preserved luxury apartment option for them in the heart of the Loop.” 

Century Tower is located one block from the Chicago River, and its proximity to the CTA Clark/Lake station provides access to all of downtown Chicago, as well as the rest of the city.

The building is known for its grand lobby, featuring deeply-veined Numidian marble walls and Napoleon gray marble floors, bronze elevator doors, and Art Deco architectural flourishes. Plotted renovations will preserve these elements, re-orient the resident entrance through this grand lobby, update residential units with new contemporary finishes and technological improvements, and enhance the shared amenity spaces, including a fitness center, co-working space, game and lounge room, and roof deck.

A team from Golub, led by Collin McKenna, negotiated the transaction on behalf of the joint venture. Terms of the deal were not told.

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JOHNS ISLAND, SC – DoUnto Partners announced the $11 million ($137,500 per unit) sale of The Forest at Fenwick, an apartment complex located at 15 Stardust Way in Johns Island, South Carolina, to an undisclosed buyer. The Kirkland Company represented by Kyle Chase, Neil Chrisp and Chris Yeagle brokered the deal and represented the seller, DoUnto Partners.

The Forest at Fenwick was a 2005-built 80-unit condo development complex located minutes from downtown Charleston. The community boasts luxurious two-bedroom condo-quality apartments as well as a remodeled clubhouse, fitness center, dog park, swimming pool and outdoor grilling area.

DoUnto Partners bought 72 of the 80 units of the condo community in March 2016 for $4.85 million from the original developer. With the addition of $1.3 million for property improvements inclusive of amenity additions, interior upgrades and acquisition of eight individually owned condos, DoUnto was able to convert the failing broke condo community to a stabilized garden-style apartment community. 

Charleston market fundamentals continue to be solid and the Johns Island submarket is benefiting from renters that are being priced out. The region’s continued employment and population growth leave the market primed for continued strong apartment performance. 

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