Multifamily N Illinois

American Realty Advisors buys 216-unit apartment building in Chicago's West Loop neighborhood

The Madison at Racine in Chicago's West Loop neighborhood is purchased by American Realty Advisors. | Mark Ballogg -

American Realty Advisors has acquired The Madison at Racine, a 216-unit luxury apartment community in the heart of Chicago’s West Loop/ Fulton submarket.

ARA also owns 1K Fulton, which it purchased 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.

The Madison at Racine is expected to garner long-term renter demand from young urban professionals seeking an authentic live/work/play lifestyle, according to Scott E. Anderson, Senior Portfolio Manager of Multi-Family at ARA.