Windy City RE Makes $10M on Suburban Sale
Windy City RE sold 344-unit Mount Prospect Greens for $33M to Cleveland-based APM Management, Crain’s Chicago Business reports. The local value-add apartment investor began buying up the 14-building complex (from five different owners) in 2010 and spent about $22M on acquisitions and unit rehabs. (Read Bisnow’s profile of principal Milan Rubenstein here.)
With low-hanging foreclosures now long gone, Windy City RE has to think creatively and invest heavily in construction to achieve the same returns, Milan told Bisnow. Investments range from well-trafficked suburban spots to adaptive reuse in the South Loop, and company investors saw 54% returns last year, he says.