Holsten Real Estate Development has listed its entire 2,638-unit rental portfolio for sale as its founder, Peter Holsten, prepares for retirement.
The company, known for operating affordable housing in the Chicago area, has hired Walker & Dunlop as the broker handling the sale of its 17-building portfolio and its operating platform.
"We have enjoyed a long-time relationship with them and are grateful for their direction," Holsten Real Estate said in an email to Bisnow.
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While there are some mixed-income communities in the portfolio, Walker & Dunlop's Eric Taylor told Crain's Chicago Business that all of them receive public subsidies. This includes low-income housing tax credits. The portfolio also includes units tied to the Chicago Housing Authority.
Holsten Real Estate was founded in 1975 and has since championed affordable housing. This vision will be taken into account when vetting potential buyers.
"Our desire is that the buyer would understand the mission and legacy of Holsten, and not only preserve that legacy, but also continue to grow it with that same commitment to affordable housing," the company said.
The following properties are for sale, according to the Chicago Sun-Times:
Parkside 5, 520 W. Hobbie St.
Larrabee Place (A), 545 W. Division St.
Larrabee Place (B), 545 W. Division St.
Terrace 459, 459 W. Division St.
551 Elm, 551 W. Elm St.
544 Oak, 544 W. Oak St.
Hilliard Towers I, 2111 S. Clark St.
Hilliard Towers II, 30 W. Cermak St.
Wilson Yard Senior Apartments, 1032 W. Montrose Ave.
Wilson Yard Apartments, 1026 W. Montrose Ave.
North Town Village I, 1311 N. Halsted St.
North Town Village II, 1311 N. Halsted St.
Lawson House, 803 N. Dearborn St.
Lawndale Apartments, 10 N. Hamlin Blvd.
The Strand, 6321 S. Cottage Grove Ave.
The Midwest Apartments, 6 N. Hamlin Ave.
Whistler Crossing, 13750 S. Lowe Ave., Riverdale
Although Peter Holsten is setting out on his road toward retirement, his wife, Jackie Taylor Holsten, will continue to serve as the executive director of the not-for-profit social services arm Holsten Human Capital Development. The organization won't be part of any sale or merger.
"We are confident that, when the time is right, we will find the right fit," Holsten Real Estate told Bisnow. "An experienced company that embodies our same mission and values, and will continue to provide safe and affordable housing for Chicago."
