Thursday, August 4, 2016

KIG Arranges $111 Million Joint Venture Partnership for 5.65-Acre Mixed-Use Development on Chicago’s Near West Side

Susan Tjarksen
CHICAGO, IL (Aug. 4, 2016) — KIG, Chicago’s leading commercial real estate brokerage firm specializing in institutional multifamily properties throughout the Midwest, today announced it has arranged an $111 million joint venture partnership to invest in and renovate Medical District Apartments, an existing 410-unit rental community in the heart of the Illinois Medical District on Chicago’s Near West Side, and ultimately develop a larger mixed-use project on the site.

The new venture includes the property’s owner, Guggenheim Real Estate LLC (GRE), as well as Atlantic Realty Partners and Focus Development Inc.

Located along Ashland Avenue between Polk and Taylor streets, the approximately 5.65-acre property includes two 12-story residential towers, as well as a pair of two-story garage decks under consideration for redevelopment.

In addition to repositioning the existing apartment buildings, which were built in 1972, the joint venture is proposing a multiphase development that would include a mix of residential unit types.

Medical District Apartments, Near West Side, Chicago, IL
“This site offers tremendous upside potential through a combination of value-add renovation and ground-up development,” said Susan Tjarksen, principal and managing broker at KIG.

“The joint venture between GRE, Atlantic Realty Partners and Focus Development will allow each to capitalize on continued demand for rental housing in downtown Chicago, particularly in areas like the Illinois Medical District, where high-quality jobs and public transportation are easily accessible.

“Ongoing investment on the Near West Side, including the proposed redevelopment of the Cook County Hospital, will only raise the profile of the neighborhood – and underlying real estate values – in the months and years ahead.”

For a complete copy of the company’s news release, please contact:

Abe Tekippe,, (312) 267-4528
Cara Mooses,, (312) 267-4523

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