The Praedium Group and Golub & Company Acquire Suburban Apartment Complex

CHICAGO--(EON: Enhanced Online News)--New York-based Praedium Group and Chicago-based Golub & Company have acquired Clover Creek, a 504-unit, nine-building complex located in Lombard, IL, said Michael Newman, president and chief executive officer of Golub & Company. Golub Realty Services will manage and lease the property.

“This investment was attractive to us, in part due to its excellent physical condition and location within the greater Chicago market”

Located west of Oak Brook and in the middle of the East/West corridor, Clover Creek spans 29 landscaped acres with parks, creeks and fountains complementing the garden style apartment buildings. With a highly accessible location, the property is less than five minutes from I-355, I-88 and Metra’s Union Pacific/West and BNSF commuter train lines serving Chicago’s Ogilvie and Union Stations. Clover Creek was previously owned by affiliates of Intercontinental Real Estate Corporation and Olympic Investors, and is currently in excess of 95% leased.

“Clover Creek provides an exceptional residential environment with a great location and attractive amenities,” said Newman. “We look forward to adding value through sound management and capital improvements that will benefit the property and its residents while achieving the high performance standards and strategic investment goals we share with The Praedium Group.”

“This investment was attractive to us, in part due to its excellent physical condition and location within the greater Chicago market,” said David Dowell, vice president and head of acquisitions for Praedium in the Midwest region of the US and Northern California. “We are pleased to add it to our Midwest portfolio and look forward to working with Golub to enhance its compelling value proposition.”

Michael Goldman, senior vice president and Michael Arnold, senior director, led Golub & Company’s acquisition team. Dowell led the acquisition on behalf of The Praedium Group. Dan Cohen, John Jaeger and Melissa Strauss of CB Richard Ellis represented the seller in the transaction. Paula Harris, Golub & Company’s principal and senior vice president, will oversee the property’s management and leasing program.

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 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 $7 billion. More information is available at www.golubandcompany.com.

About The Praedium Group LLC

The Praedium Group is a real estate investor focusing on underperforming and undervalued assets throughout North America. With over $7 billion in investments to date, The Praedium Group is an established name in the real estate funds management marketplace. The commingled funds sponsored by Praedium have attracted investors that include public and corporate pension funds, financial institutions, insurance companies and endowments. Praedium concentrates on middle-market assets and has consistently demonstrated its ability to source, structure, finance and manage opportunities. More information is available at www.praediumgroup.com.