
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.
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