RMK Takes Management Seat at McClurg Court

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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.”