AndhraNews.net
Home » Business News » 2012 » October » October 1, 2012

American Realty Advisors Announces the Acquisition of Newly-Built Luxury High-Rise in Dynamic Chicago Submarket


October 1, 2012 - GLENDALE, CA

American Realty Advisors, a leading provider of real estate investment management services for institutional investors, announced today the acquisition of 1401 South State Street, a 278-unit Class A high-rise apartment building in the heart of Chicago's dynamic South Loop submarket. The project was acquired as a joint venture formed with The Marquette Companies and Hunt Companies, Inc.

Built in 2008, the urban-style complex enjoys spectacular lake and city views and offers tenants high-quality features and amenities including floor to ceiling windows, 10 foot ceilings, state-of-the-art fitness center, structured parking, private resident park, sky garden and private terraces/balconies in select apartment homes. 1401 South State Street is conveniently located just two blocks south of the vibrant Roosevelt Road Retail Corridor, offering residents excellent access to nearby amenities such as Trader Joe's, Jewel-Osco, Target and a wide variety of dining options. The property's prime location is further enhanced by excellent proximity to an efficient transportation infrastructure, including CTA's Red, Green and Orange lines at Roosevelt Road, servicing over 3.6 million passengers annually, two major airports, and a myriad of bus lines.

American's EVP/Executive Managing Director, Kirk Helgeson, stated, "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 multi-family submarkets. American's ability to advance capital to the asset, in order to upgrade unit interiors, common areas and amenities, combined with the core-quality attributes that exist provide a great opportunity to create value for our clients by redelivering a stabilized and highly marketable asset back into the marketplace. 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." 

American Realty Advisors

American is an investment advisor registered with the U.S. Securities and Exchange Commission under the Investment Advisers Act of 1940, as amended, and a leading provider of commercial real estate investment management services to institutional investors. With over $4.5 billion* in assets under management, American has provided real estate investment management services to institutional investors for over 24 years utilizing core and value-added commingled funds and separate accounts. The firm's portfolios include office, industrial, multi-family, retail and other properties nationwide, all of which are managed on behalf of American's clients. Information regarding American can be found at www.americanreal.com.

The Marquette Companies

The Marquette Companies is a Naperville, Ill.-based private real estate company that has been a leading property manager and developer of apartment and condominium communities since 1983. Today, Marquette is aggressively expanding its private portfolio as well as its property and fee management division. Marquette has significant expertise in purchasing value-add opportunities that are underperforming and undervalued real estate assets across the country to reposition or redevelop them. Nationally, The Marquette Companies owns and/or manages more than 8,900 units, including apartment communities in Colorado, Kansas, Illinois, Michigan and Texas. The company has managed and developed more than 25,000 multi-family homes throughout the Midwest and its gross annual revenues total approximately $99 million. For more information on The Marquette Companies, visit www.marquettecompanies.com, and for Marquette Management, visit www.marquettemanagement.com.

Hunt Companies

Hunt Companies, Inc. is a leading national real estate company dedicated to building values through development, investment, and management. Hunt is focused in the core areas of public private partnership, military housing, community development, real asset investment management and multifamily housing.

Hunt is firmly rooted in a legacy of leadership, integrity, and trust. Together, Hunt and its affiliates have more than $13 billion in assets under management, including 144,583 multi-family housing units and 8.3 million square feet of office, retail and industrial properties. Hunt has also developed 89,000 housing units, over 1 million square feet of commercial space and thousands of acres of land. Development project costs have totaled more than $6.3 billion with more than $8.2 billion in construction costs.

Visit www.huntcompanies.com to learn more about Hunt, its heritage and commitment to values that build.

*Assets under management represent approximate gross market value of all assets and accounts managed by American as of June 30, 2012 which includes cash and cash equivalents and excludes partners' share of equity and partners' share of debt on partnership investments.

Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=2109418

Contact:
Jay Butterfield
818.409.3243
Email Contact

MarketWire

Comment on this story

Share