We have consulted on hundreds of millions of feet of commercial property and hundreds of thousands of multi-family residential units in every part of the Chicago Metropolitan area, 40 states and Canada. Our knowledge base and files go back 40 years. It is a resource and a foundation for many additional studies.

Bankruptcy
Assignments include:
• Wiebolts
• Carson Pirie Scott

Law firms include:
• Kirkland & Ellis
• Piper Marbury

Condemnation
Projects include full and partial takings (surface, subsurface, aerial easements) involving the City of Chicago, Metropolitan Pier & Exposition Authority, O’Hare Airport, Commonwealth Edison and IDOT.

Estate Planning/IRS
Appraisals are often for trust departments of major institutions, including Bank One and Northern Trust. Assignments include date of death appraisals, charitable/family gifts and 1031 exchanges. Experience includes single asset holdings to multi-state/multi-property appraisals for portfolios exceeding one billion dollars.

Financing/Refinancing
ARC is on the approved list for the majority of high volume financial institutions in the Midwest (Bank One, LaSalle, CIB, First Midwest, etc.) plus community banks (Albany, New Century, Delaware Place Bank, etc.). Experienced with HUD’s MAP program, FNMA DUS/Freddie Mac, life companies and pension fund reporting requirements. Clients also include ARCs, Reilly, GMAC, Glaser, Green Park, Capri, Columbia National, Prudential and Kensington.

HUD MAP/Section 8/LIHTC
Full range of services including market studies, rent, expense and complete appraisals for multi-family, assisted living and skilled care facilities. Experienced with HAP contracts, vouchers and mark to market. Tax credit experience includes real estate, intangibles and discounts.

Insurance
Replacement cost new analysis with typical insurance exclusions for loss assessment purposes. Coverage analysis and due diligence for condominium homeowners associations, property owners and institutional investors.

Litigation/Expert Witness
Litigation support, depositions and expert testimony experience for bankruptcy, construction defects, environmental, detrimental conditions, condemnation, zoning, boards of review, municipal planning commissions, superfund/CERCLA sites. Law firms include

• Arnstein & Lehr
• McDermott, Will & Emery
• Neal Murdoch & Leroy
• Piper Rudnick
• Rinella & Rinella
• Sonnenschein Carlin Nath et al

Market studies
Developers retain us during economic planning to optimize investment returns, determine highest and best use and testify before zoning boards and community groups. Research includes floor plan design and pricing strategies. HUD MAP market studies for pre-application packages and rent comparability studies for Section 8 renewals.

Partnership/Divorce
Appraisals are used to assist in settling partnership disputes, buyouts, buy/sell agreements, options, IRS, estate planning and divorces. Assignments often require analysis of fee and minority interest discounts. Expert witness services provided.

Portfolio Analysis
Assignments range from single market to multi-state portfolios. Property expertise includes office, industrial, retail, industrial and multi-family. Assignments include initial acquisition, financing, quarterly/annual financial reporting and exit strategies. DCF software tools includes Argus, Pro-Ject and DynaLease.

Purchase/Sale
Independent, unbiased, professional analysis including:
• Desk reviews
• Pricing strategies
• Market research
• Comparable sale or lease data
• Exit strategies
• Yield analysis
• Peer group analysis
• Intelligent conversations

Rent Comparability
Compliance with current HUD Rent Comparability Study guidelines for project based Section 8 buildings including family and senior properties throughout Illinois.

Tax Assessment
Unbiased, professional expertise to all sides of the process. We have successfully worked with owners, cities/municipalities, counties and state agencies. Particular expertise in Corporate HQ facilities and unique assets.

1031 Tax Exchange
Explosion in the use of this vehicle has created opportunities and risks for owners. Services follow the ownership life cycle from initial acquisition to exit strategies. Experience includes brand name retailers such as Walgreen’s, Best Buy and Office Max as well as industrial, office and multi-family properties.