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Chicago & Midwest  + Illinois  + Senior Housing  | 

Senior Affordable MF Investment Property Sells in Chicago

Willa Rawls Manor, a 123-unit senior affordable multifamily investment property in Chicago has traded hands. Total value of the transaction was not disclosed, but it closed with a record cap rate of 3.25%, according to the Colliers International brokers involved in the deal.

“We developed a customized marketing campaign for this property, and the results were apparent almost from day one,” said Senior Vice President John Nguyen, who headed the Colliers sales team. “It closed after we selected the most qualified buyer, who put a non-refundable $500,000 deposit on it day one of escrow. We completed the transaction within six months, achieving a record low cap rate.”

As a result of the sale, the affordability was extended for 20 years, and the 42-year-old senior housing property at 4120 S Indiana Ave. will undergo a significant renovation and affordability will be preserved, Nguyen noted.

Colliers represented both the seller and buyer. The seller was Tabernacle Senior Citizens Project Inc.

For comments, questions or concerns, please contact Dennis Kaiser

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

  • ◦Sale/Acquisition
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