BLVD Capital Acquires $26M Affordable Housing Portfolio
- Jan 17, 2018
BLVD Capital has purchased two affordable housing communities totaling 312 units in and near Chicago. Midland Management Co. sold the two properties, Indian Trail and Ridge Gardens, for $26.5 million. The acquisition was financed with two Freddie Mac 10-year mortgages totaling $22.9 million, according to Yardi Matrix. An SVN | Chicago Commercial team led by Cody Doran and Reid Bennett represented the seller in the transaction.
Located at 221 E. 121st Place in Chicago, Indian Trail contains 180 apartments and is located near Interstate 94 and public transportation via the city’s Metra system. The property’s three, five-story buildings were constructed in 1968 and acquired by the previous owner in 2007 for $5 million. The apartment community offers laundry facilities and 120 parking spaces for residents.
Ridge Gardens, situated at 10010 S. Sayre Ave., in Chicago Ridge, includes four, three-story structures containing a total of 132 units. Chicago’s “El” subway system is accessible by bus, offering access to all areas of the city. The property was built in 1972 and was acquired by Midland in 2007 for $4.7 million, per Yardi Matrix data.
“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 in a prepared statement. “The buyer ultimately plans to make capital improvements and preserve this affordable housing complex.”
In another recent deal, Renaissance Cos. sold a 167-unit affordable housing portfolio in Chicago for $11 million.
Images courtesy of Yardi Matrix