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| 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.
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| 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,
atekippe@taylorjohnson.com, (312) 267-4528
Cara Mooses,
cmooses@taylorjohnson.com, (312) 267-4523
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