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Chicago & Midwest  + Downtown  + Apartments  | 

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.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
  • ◦Sale/Acquisition
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