One of the largest owners and third-party managers on Chicago’s South Side trimmed its holdings in the area with the sale of 21 apartment buildings to an undisclosed buyer for $29 million, or approximately $78,000 per unit.
WPD Management noted it elected to sell a portion of its portfolio to capitalize on a surge in investor interest brought on by a number of new developments including The Obama Library and the redesigning of the Jackson Park golf course by Tiger Woods. The company will still manage more than 2,000 units in the area.
Primarily located in Washington Park, East Woodlawn, and South Shore, the 21 low- and mid-rise communities are comprised of units ranging from studio apartments to four-bedrooms with some featuring a retail component.
Noah Birk and Aaron Sklar of Kiser Group brokered the sale on behalf of WPD Management.
“Chicago’s South Side has seen a huge pickup in demand recently. Given the new developments such as The Obama Library and the redesigning of the Jackson Park golf course by Tiger Woods, coupled with higher returns, we’re seeing large interest from both new and current investors,” said Sklar.
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