Hilco Real Estate, LLC announced Nov. 3 as the bid deadline for a court-supervised bankruptcy auction of 17 multifamily properties on Chicago’s South Side, formally known as Better Housing Foundation Portfolio C. The portfolio totals 181 units, to be sold as a whole and subject to a minimum stalking horse overbid of $4,785,000.
The buildings within this sale are in different areas throughout the South Side, including Park Boulevard, Jackson Park, Beverly and other neighborhoods in between. There are three to 24 units available in each building, and all units range in occupancy levels.
The bankruptcy sale represents an opportunity for experienced owners/operators to make capital investments in order to bring the units up to City of Chicago and HUD standards.
Jeff Azuse, SVP at Hilco Real Estate, said, “With renovations, the units can be approved for various governmental assisted rental programs.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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