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Highlights
Chicago-based Golub & Co. bought out its partner, Affinius Capital, in a $64 million deal to take full ownership of the 28-story, 293-unit Century Tower apartment building at 182 West Lake Street.
The deal allows Golub to increase its presence in the downtown Chicago apartment market, a shift in focus after incurring losses on office investments. For San Antonio-based Affinius, the sale concludes its ownership stake, which began with a $60 million condo deconversion in 2018.
The deal, brokered by CBRE, extends a trend of modest property value appreciation for downtown Chicago apartments, a lesser increase compared to larger gains seen by multifamily sellers in the surrounding suburban area.