Chicago, Ill. (January 16,2018) – SVN | Chicago Commercial has completed the sale of Indian Trails Apartments and Ridge Gardens Apartments for $26.5 million. Combined, the two affordable housing complexes include 312 units.
Cody Doran, Assistant Vice President, and Reid Bennett, Senior Vice President, of SVN |Chicago Commercial represented the seller, Indian Trails & Ridge Gardens LLC, in the transaction. The property sold to Sausage King LLC.
“This deal provided the buyer a unique opportunity to invest within a sector of Chicago real estate that has a very limited supply and multiple barriers to entry. These market fundamentals were evident based on the fact that we were able to present our seller with over 43 offers for this portfolio,” said Bennett. “The buyer ultimately plans to make capital improvements and preserve this affordable housing complex.”
Indian Trail Apartments is located at 221 East 21st Street in Chicago, featuring 180 section 8 housing units. Ridge Garden Apartments, at 10010- 10040 South Sayre Ave. in Chicago Ridge, includes 132 section 8 housing units.
Chicago is a major industry hub for finance, commerce, technology and telecommunications. Home to O’Hare International Airport, Regional Transportation Authority and seven mainline and four auxiliary interstate highways, Chicago serves as one of the major transportation hub in the US.
About SVN | Chicago Commercial:
SVN | Chicago Commercial is an independently owned and operated SVN® office. The SVN organization is a globally recognized commercial real estate entity united by a shared vision of creating value with clients, colleagues and our communities. The SVN Brand is comprised of over 1,600 Advisors and staff in more than 200 offices across the globe. Our brand pillars represent the transparency, innovation and inclusivity that enables all our advisors to collaborate with the entire real estate industry on behalf of our clients. SVN’s unique Shared Value Network® is just one of the many ways that SVN advisors create amazing value with our clients, colleagues and communities. For more information, visit www.svn.com.