Joint Venture Acquires 278-unit Class A High-Rise Apartment Building in South Loop
- Oct 03, 2012
American Realty Advisors, in a joint venture with Naperville, Ill.-based Marquette Companies and Hunt Companies Inc., has acquired a 278-unit Class A high-rise apartment building in Chicago’s South Loop submarket. Located at 1401 South St., the urban-style complex was built in 2008 and features studios, one- and two-bedroom apartments ranging in size from 567 square feet to 1,651 square feet.
The complex also features various amenities including a fitness center, sky garden with fire pit, dog run, private residential park, wireless internet lounge, barbeque grills and on-site dry cleaning.
The property is situated just two blocks south of the Roosevelt Road Retail Corridor, offering residents access to nearby amenities such as Trader Joe’s, Target and numerous dining options. The property is also in close proximity to an efficient transportation infrastructure that includes CTA’s Red, Green and Orange lines, two major airports and various bus lines.
With regard to the South Loop submarket, Kirk Helgeson, American Realty Advisors’ EVP and executive managing director, said: “As a result of Chicago’s strong diversified economy and deep labor pool, South Loop continues to rank as one of the nation’s top performing multifamily submarkets.”
American Realty Advisors currently has over $4.5 billion in assets under management. The firm’s portfolio includes office, industrial, multifamily, retail and other properties nationwide. Kirk Helgeson, talking about the joint venture, said: “American is pleased to partner with companies such as Marquette and Hunt, who share American’s vision and commitment to excellence and demonstrate an ability to maximize property value potential.”
Image Courtesy of: www.1401southapartments.com