ARA Lands Luxury Community in Chicago’s West Loop
The Madison at Racine, a 216-unit property, was almost fully occupied at the time of purchase.
Chicago—American Realty Advisors (ARA) has acquired The Madison at Racine, a 216-unit luxury apartment community in the heart of Chicago’s West Loop, Fulton submarket. CBRE represented the seller, a joint venture between Boston-based Intercontinental Real Estate Corp. and Chicago-based Ascend Real Estate Group.
The Madison at Racine features eight studios, 152 one-bedroom and 62 two-bedroom apartments. According to Yardi Matrix data, the 2-year-old property was 99.5 percent occupied at the time of the transaction. The LEED-certified apartment community has a fitness center, a rooftop swimming pool, fire pits, lounge areas, concierge services, a coffee bar, upscale social lounging areas, 227 parking spaces, as well as unobstructed views of the Chicago city skyline. The asset includes 10,000 feet of retail space.
Located at 1164 West Madison St., The Madison at Racine is a few minutes away from the junction between Interstates 290 and 90. The asset is approximately five blocks from Google’s new regional headquarters at 1K Fulton and two blocks from McDonalds’ new world headquarters. ARA also owns 1K Fulton, which it purchased in July of last year for $257 million. Both properties are situated in the walkable West Loop district, which boasts boutiques, restaurants and expansive parks.
“A complete transformation is underway in the West Loop/Fulton submarket. 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,” said Ray Kivett, managing director of investments in ARA’s Chicago office, in a prepared statement.
At the end of 2016, ARA also expanded its Southeast portfolio with 816 units.
Images courtesy of Yardi Matrix & balloggphoto.com
