| Wells Fargo and Related Cos have teamed up to acquire The Parkway Gardens, an affordable housing community on the South Side, for renovation. Wells Fargo's Korbin Heiss tells us his company bought the historic and low income tax credits (for $26.6M and $9.9M respectively) on the deal to provide the equity so Related could do about $58k/unit worth of rehab (think mechanical systems,interior upgrades and new landscaping) on the 694-unit property. Korbin says the South Side is in need of quality affordable housing, plus the renovations will provide construction jobs for the neighborhood. |
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