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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.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as 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, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.