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CBD Losing More Condos and Gaining Rentals

Developers like Golub and USAA continue transforming old condo units into new rental apartments.

chi-Golub-Century (4) The building is included on the National Register of Historic Places, and was converted from office to multifamily rentals in 2001, and then converted to condominiums in 2006.

CHICAGO—Condominium developers in Chicago have begun breathing life into that sector, but the rental market is still very much the king. And the work of transforming into rental units existing condo projects, many created in the run-up to the Great Recession, continues in both city and suburbs.

Chicago-based real estate developer Golub & Co. and USAA Real Estate have just formed a joint venture and acquired Century Tower, a vintage, luxury Central Loop high-rise that currently includes 292 residential condominiums. The joint venture team has de-converted the existing condominium association and plans to renovate the residential units and shared amenity spaces into rental apartments.

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Brian J. Rogal

Brian J. Rogal

Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.

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