“This is the epitome of urban luxury living,” says Scott E. Anderson, senior portfolio manager of multi-family at ARA, and the company expects it to garner long-term renter demand from young urban professionals that have flocked to the area. “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.”

The company, which now has $8 billion in assets, has also sold off some local assets. In 2015, for example, it sold a class A, 368-unit community in suburban Aurora that it renovated several years ago. That property, located at 1840 Clubhouse Dr., was purchased by the Miamisburg, OH-based Connor Group.

“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.

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.

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 led the sales effort, and his colleagues, Dan Cohen and MJ Zaring, of CBRE.

CHICAGO—The Fulton Market area continues to bring in investors, and American Realty Advisors has become perhaps the most prominent. The institutional real estate investment manager already owns 1KFulton, the home of Google, and recently added The Madison at Racine, a 216-unit luxury apartment community at 1164 W. Madison St. in the heart of the Fulton submarket.

“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 purchased 1K Fulton 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,” 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.”

“This is the epitome of urban luxury living,” says Scott E. Anderson, senior portfolio manager of multi-family at ARA, and the company expects it to garner long-term renter demand from young urban professionals that have flocked to the area. “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.”