Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Rany Management Acquires Remaining Units of 16-Story Chicago MF
An affiliate of Rany Management, a Chicago-based real estate investment and management firm, has acquired the remaining owned condominium units of the multifamily building at 4180 N. Marine Drive in Chicago’s Buena Park neighborhood. The property, formerly known as Polo Towers, will be renamed the Marine Terrace Apartments.
The purchase price for the 8.9% of remaining units not previously owned by the Rany affiliate, 4180 Holdings, was not disclosed. Amalgamated Bank of Chicago has been a lending partner on the project since 2013. The 16-story building has 190 units, including studio, one-, two- and three-bedroom apartments and is effectively 100% occupied.
“The acquisition of the remaining units, and having complete control of Marine Terrace Apartments, is a significant milestone for us and the property,” said Nicholas Yassan, president of Rany Management. “We look forward to establishing a long-term ownership and management program that will benefit the building and its residents.”
