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| Photo by CoStar Group |
A Northbrook developer has cashed out of a West Loop apartment project about three years after completing it. Michigan Avenue Real Estate Group sold Jackson Throop Place, a 93-unit property at 1241 and 1245 W. Jackson Blvd., to Chicago real estate investment firm Newcastle. Michigan Avenue, whose partners include Chicago Bulls and White Sox owner Jerry Reinsdorf, was among the first wave of apartment developers to move into the West Loop after the recession, profiting as the neighborhood has taken off. Apartment values in the West Loop have risen as companies like Google and McDonald’s have moved into the neighborhood, hiring people who want to live nearby. The area also has added more bars and restaurants, further boosting its appeal. Read More....
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