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South Side Portfolio Sells at Auction
Two investment firms are taking over 45 South Side apartment buildings owned by a beleaguered nonprofit, offering to pay $18.6 million for them in a bankruptcy auction earlier this month, Crain’s Chicago Business reported.
Chicago-based Longwood Development and a fund managed by Atlas Asset Management, also based in Chicago, prevailed in the Oct. 2 auction of the portfolio owned by the Better Housing Foundation, said Andrew Belew, the foundation’s president and chairman.
Encompassing 545 units and burdened by $55 million in debt, it’s the largest of three Chicago apartment portfolios owned by BHF to land in bankruptcy court this year.
“The opportunity is to really restore all these properties and restore the affordable housing in these communities,” Atlas president David Pezzola told Crain’s. “They have been mismanaged for years.”
Separately, Crain’s reported that BHF will sell 545 suburban apartments to a buyer that has agreed to pay $39 million.
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- ◦Sale/Acquisition
