CHICAGO-RMK Management Corp. has been selected as property manager for McClurg Court Center, a two-tower apartment complex at 333 E. Ontario St. in Chicago's Streeterville neighborhood. The 1,058-unit property was previously owned and managed by Denver-based Archstone Apartments. Kennedy Associates Real Estate Counsel Inc., a Seattle-based pension fund advisor, acquired ownership last month. Published reports estimate the acquisition price at $127 million.
RMK plans to implement a number of changes at the request of the new owner. The property dates back to 1972 and was 94% leased at the time of sale. Planned improvements include a rehab of both McClurg Court Center's commercial space and completing a rehab of the apartment complex's residences. Anthony Rossi Sr., president of RMK Management Corp., tells GlobeSt.com that 25% of the apartments need to be renovated. "Since most are occupied, this should take us approximately two years to complete as the apartments turn over."
One-, two- and three-bedroom apartments range in size from 496 sf to 2,261 sf. Tenants have access to a variety of amenities including a garden sundeck with barbeque grills, 24-hour service desk, heated indoor parking with valet service and storage lockers. Room service is offered from the adjacent Holiday Inn, which is attached to the property. Lakeshore Athletic Club, a three-level fitness center with tennis courts and an indoor pool, is also connected to McClurg Court.
According to Rossi, "new ownership would like to add a new leasing office, a business center and a conference room." Another feature Rossi would like to add, which RMK has included in some of its other properties is "a coffee/computer room," he says. "It will have a couple of computers with high speed Internet access and wi-fi for those tenants to enjoy their laptops."
Rossi tells GlobeSt.com that retail space at the property will both be renovated and re-tenanted. "We're planning on putting out a RFP in order to revitalize the retail space in the building." He explains that there is a long-closed movie theater in the building that will be part of the retail renovation.
Rossi did not give a price tag or a completion date for the renovation, which will include some exterior improvements to approximately the first two floors. "We're still in the process of looking for RFPs from architects," he says. "We'll have a better idea once an architect is selected."
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