Golub & Co. has quietly tightened its hold on one of the Chicago Loop’s better-known Art Deco apartment towers, buying out partner Affinius Capital’s stake in Century Tower, the 28-story building at 182 West Lake Street. The transaction values the 293-unit property at about $64 million, a modest uptick from the partnership’s roughly $60 million purchase in 2018. The deal consolidates control under Golub at a time when downtown rental assets are attracting renewed institutional interest.
Deal details and who was involved
Golub closed the internal buyout after Affinius agreed to exit the joint ownership, with CBRE brokers John Jaeger, Justin Puppi, and Jason Zyck arranging the transaction. The purchase was financed with an agency-backed loan that Golub intends to transfer to either Fannie Mae or Freddie Mac. Golub declined to comment, and Affinius did not immediately return requests for comment, as reported by The Real Deal.
Century Tower's backstory
The property was acquired through a condo deconversion in 2018, when Golub and Affinius paid about $60 million to bring the 293 units back under single ownership. The partners shopped the building last summer, hiring CBRE to test the market before ultimately settling on the internal deal, according to CoStar. The Skyscraper Center lists Century Tower as a 28-story, roughly 293-unit building at 182 West Lake Street, confirming the scale and address of the asset.
Where this fits in the Loop market
The buyout follows a string of downtown multifamily trades this year, including a roughly $126 million sale at 73 East Lake Street, that have signaled renewed appetite for stabilized rental stock in the Loop. The Real Deal notes that Golub has been shifting toward multifamily after taking losses in the office sector, and the consolidation gives the firm clearer control over any renovation or leasing strategy. The transfer was handled quietly through public filings rather than a third-party auction, according to reporting.
What to watch next
Analysts and local landlords will be watching whether Golub invests in amenity upgrades or repositions the building to chase higher rents, or instead holds steady as a yield asset. Whatever path it chooses, the buyout tightens Golub’s hold on a notable Loop landmark and could shape leasing dynamics on Lake Street. Public filings and future listings are likely to reveal the firm’s longer-term plan for the property.
