A South Loop rental tower adds a sold sign

Six months ago we relayed a Crain’s report that 1401 South State had joined the ranks of downtown apartment towers offered for sale. A news release yesterday announced that the property has been acquired by American Realty Advisors and will be refurbished.

According to the news release:

American Realty Advisors, a leading provider of real estate investment management services for institutional investors, announced today the acquisition of 1401 South State Street, a 278-unit Class A high-rise apartment building in the heart of Chicago’s dynamic South Loop submarket. The project was acquired as a joint venture formed with The Marquette Companies and Hunt Companies, Inc.

Built in 2008, the urban-style complex enjoys spectacular lake and city views and offers tenants high-quality features and amenities including floor to ceiling windows, 10 foot ceilings, state-of-the-art fitness center, structured parking, private resident park, sky garden and private terraces / balconies in select apartment homes. 1401 South State Street is conveniently located just two blocks south of the vibrant Roosevelt Road Retail Corridor, offering residents excellent access to nearby amenities such as Trader Joe’s, Jewel-Osco, Target and a wide variety of dining options. The property’s prime location is further enhanced by excellent proximity to an efficient transportation infrastructure, including CTA’s Red, Green and Orange lines at Roosevelt Road, servicing over 3.6 million passengers annually, two major airports, and a myriad of bus lines.

American’s EVP/Executive Managing Director, Kirk Helgeson, stated, “As a result of Chicago’s strong diversified economy and deep labor pool, South Loop continues to rank as one of the nation’s top performing multi-family submarkets. American’s ability to advance capital to the asset, in order to upgrade unit interiors, common areas and amenities, combined with the core-quality attributes that exist provide a great opportunity to create value for our clients by redelivering a stabilized and highly marketable asset back into the marketplace. American is pleased to partner with companies such as Marquette and Hunt, who share American’s vision and commitment to excellence and demonstrate an ability to maximize property value potential.”

A YoChicago crew visited the property several years ago and shot the following view and video.