August 16, 2019
Washington, DC-based Gelman Companies entered the Chicago market, paying $75 million for the Residences at the NewCity in the North Side’s Clybourn Corridor, Crain’s Chicago Business reported.
Gelman bought the 16-story tower, which sits atop the NewCity shopping center, from its developers: Structured Development and Bucksbaum Retail Properties of Chicago, and New York-based JPMorgan Asset Management. The 199-unit luxury apartment property was completed in 2016.
The building is close to a large downtown workforce and to the affluent neighborhoods of Lincoln Park, Old Town and Bucktown. The Clybourn Corridor, known mainly for its retail, has also begun attracting attention from multifamily developers, Crain’s reported.
However, NewCity could face competition from Sterling Bay’s Lincoln Yards nearby, as the $6-billion mega-project is built out. It’s expected to include up to 6,000 apartments.
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