California investor closes in on West Loop apartments

Photo by CoStar Group

By: Alby Gallun | Feb 15, 2017 | Crain's Chicago Business

The California investment firm that recently bought Google's Midwest headquarters building is coming back for more in the West Loop. American Realty Advisors, which paid $305 million last year for 1KFulton, has agreed to buy the Madison at Racine, a 216-unit apartment building completed in 2014, according to people familiar with the property. The nine-story building at 1164 W. Madison St. is close to the Fulton Market District, a neighborhood that has only become hotter since it opened, attracting new restaurants, hotels and, most importantly, jobs. Google moved into 1KFulton in 2015, and McDonald's will move its headquarters—and about 1,100 jobs—in 2018 into an office building under construction a few blocks from the Madison at Racine. Read More....