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 purchase price for the approximately 8.9% of remaining units not previously owned by the Rany affiliate, 4180 Holdings, was not disclosed.
The property, formerly known as Polo Towers Condominium Association or by its street address, will be renamed Marine Terrace Apartments. The 16-story building, with dramatic city and lake views, has 190 units and was developed in 1957. The building consists of studio, one-, two- and three-bedroom apartments and is effectively 100% occupied.
Marine Terrace Apartments is located at the intersection of Marine Drive and Gordon Terrace, immediately north of Irving Park Road. It is situated near Walt Disney Magnet School, Thorek Memorial Hospital and Montrose Harbor. Further, three retail centers are located within one mile and five parks are located within 3.5 miles of the property.
Amalgamated Bank of Chicago has been a lending partner on this project since 2013.
