The Madison at Racine Hotel, West Loop--Fulton Submarket, Chicago, IL |
(Photo by Mark Ballogg -
ballogphoto.com)
Scott E. Anderson |
“Madison at Racine is an outstanding core
investment,” says Ray Kivett,
Managing Director of Investments in ARA’s Chicago office. “Located
approximately five blocks from Google’s new regional headquarters at 1K Fulton
and two blocks from McDonalds’ new world headquarters, the property is
centrally located in this thriving submarket.”
ARA also owns 1K Fulton, which it purchased in July of last year. Both assets are situated in the walkable West Loop district, which boasts trendy boutiques, acclaimed restaurants, expansive parks, and a growing reputation as Chicago’s hottest and most sought after neighborhood.
“A complete transformation
is underway in the West Loop/Fulton submarket,” Kivett explains. “Similar to the meatpacking district in
Manhattan, SoMA in San Francisco or the Seaport District in Boston, this once
industrial area is now a hub of growth.
We continue to seek opportunities to acquire best-in-market assets and
are capitalizing on this momentum.”
Ray Kivett |
“This is the epitome of
urban luxury living,” explains Anderson. “The property features best-in-class
amenities, including one of the most stylish rooftop decks in the city, as well
as on-site parking and ground-floor retail - all of which contribute to the
asset’s popularity.”
“Our ability to acquire an
asset of this caliber is a direct result of our investment acumen. ARA’s
ongoing core strategy is to acquire premier assets in major markets throughout
the country and this property is a great fit,” says Anderson.
“We are delighted to add The Madison at Racine to our portfolio and we have strong performance expectations for this asset and the market in the long term.”
“We are delighted to add The Madison at Racine to our portfolio and we have strong performance expectations for this asset and the market in the long term.”
The Madison at Racine
features luxurious and well-appointed one- and two-bedroom apartments, coupled
with a rooftop retreat that boasts a sun deck, pool, hot tub, fire pits, lounge
areas and unobstructed views of the Chicago city skyline. The LEED Certified apartment community also
features concierge services, a modern coffee bar, upscale social lounging
areas, and a dog park with a grooming area.
MJ (Martha Jane) Zaring |
The apartment community is
located at 1164 West Madison in Chicago, Illinois. The seller, a partnership
between Boston based Intercontinental Real Estate Corp. and Chicago based
Ascend Real Estate Group, was represented by the team of John Jaeger, who lead the sales effort, and his colleagues, Dan Cohen and MJ Zaring, of CBRE.
With more than $8 billion in assets under
management, American Realty Advisors is a leading provider of commercial real
estate investment management services.
For over 28 years, ARA has managed capital for institutional investors
utilizing core and value-added commingled funds and separate accounts.
ARA acquires
assets directly or provides equity, preferred equity, mezzanine debt, debt, and
hybrid debt to primary investors and developers operating throughout the United
States for office, industrial, multi-family, and retail properties.
For a complete copy of the company’s news release,
please contact:
Lexi Astfalk / Jenn Quader
for American Realty Advisors
Brower, Miller & Cole
(949) 955-7940, LAstfalk@browermillercole.com
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