Oak Park’s tallest and newest apartment tower, Vantage Oak Park, has been sold for more than $100 million to a partnership between Chicago-based Magnolia Capital and global finance company Goldman Sachs.
The sale closed on Jan. 25, said Lee Golub, principal and executive vice president of Golub & Co., which developed the tower. It’s likely the most expensive property transfer in the history of the village and will net Oak Park more than $800,000 in transfer tax revenue.
The 21-story, 270-unit luxury high-rise apartment building at the corner of Lake Street and Forest Place was completed in 2016 through a joint venture between Golub, Atlanta-based Wood Partners and investment management firm CBRE Global Investors.
Golub would not reveal the exact price of the sale, but confirmed that it was over $100 million but under the $108 million reported elsewhere. He confirmed that it cost roughly $90 million to build Vantage. The development was partially financed through a $68 million loan from PNC Bank.
Golub said the partnership group has “a great relationship with Oak Park, the mayor, trustees and city staff.”
“I think people like it in general,” Golub said, noting the building’s commercial tenants on the first few floors.
“I think Cooper’s Hawk [restaurant] and the [Edward-Elmhurst] medical facility are great for the community,” Golub said.
The sale dwarves that of the Oak Park Place Apartments, 479 N. Harlem Ave., which took place in August 2016, and which appeared to be the largest property purchase in village history at that time. That building, which is commonly referred to as the Whiteco building, sold for $68 million.
Oak Park Mayor Anan Abu-Taleb could not immediately be reached for comment.
Golub executive Michael Glazier, who oversaw the project, thanked the village for their partnership in the project.
“I really enjoyed working with the city and got to know a lot of people who are very open, friendly, supportive of the project and practically minded and helped us thread the needle,” Glazier said. “We shared the experience and hopefully it’s benefitted the community as well as our group. It looks like things continue to move forward in Oak Park, and I’m glad we contributed to the momentum there.”
The building first went on the market last summer.