Rany Management, a real estate investment and management firm based in Chicago, has recently acquired the remaining owned condominium units of a multifamily building located at 4180 N. Marine Drive in the Buena Park neighborhood of Chicago. The property, previously known as Polo Towers, will now be called Marine Terrace Apartments.
The purchase price for the remaining 8.9% of units was not disclosed by Rany’s affiliate company, 4180 Holdings. Amalgamated Bank of Chicago has been involved with financing for this project since 2013. With its prime location and variety of unit sizes (including studio to three-bedroom apartments), this 16-story building is currently at full occupancy.
According to Nicholas Yassan, president of Rany Management: “This acquisition marks an important milestone for us and our ownership over Marine Terrace Apartments.” He also stated that they are looking forward to implementing long-term management strategies that will benefit both the building and its residents.
The news about Rany Management’s recent acquisition can be found on Connect CRE.
