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Ares Takes Majority Stake in Aqua Apartments
An affiliate of Los Angeles-based Ares Management has acquired a majority stake in the Aqua Tower apartments, Crain’s Chicago Business reported. At $190.5 million, it’s the biggest downtown multifamily sale since last summer.
The Ares affiliate acquired the stake in the apartments, parking and commercial space in the 82-story Aqua from J.P. Morgan Asset Management, which put the stake up for sale last September. Chicago-based Magellan Development Group, which completed the property in 2009, retains a minority stake.
The deal didn’t include a 334-room Radisson Blu hotel below the rental apartments, or 262 condominiums above them, according to Crain’s.
Ares-Magellan joint financed the deal with a $150-million mortgage arranged by HFF, Crain’s reported, citing Cook County records.
Designed by locally-based Jeanne Gang, whose firm is leading a joint venture chosen to design the O’Hare International Airport expansion, Aqua has some of the highest rents in the city.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
- ◦Sale/Acquisition

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