ARA Acquires 216-Unit Luxury Apartment Community in Chicago

CHICAGO — American Realty Advisors (ARA) has acquired The Madison at Racine, a 216-unit luxury apartment community in Chicago’s West Loop. The purchase price was not disclosed. The 216-unit property is located at 1164 W. Madison St. The community features one- and two-bedroom apartments, as well as a rooftop with a sun deck, pool, hot tub and fire pits. Other amenities include a coffee bar, dog park and concierge services. John Jaeger, Dan Cohen and MJ Zaring of CBRE represented the seller, a partnership between Boston-based Intercontinental Real Estate Corp. and Chicago-based Ascend Real Estate Group.

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