Chicago, IL – After buying six Kenwood apartment buildings in the depths of the pandemic, a New York investor group has cashed out for about $26 million, pocketing a hefty gain in the process.

An affiliate of Raskin Risers has sold the 204-unit portfolio in the South Side neighborhood to a venture led by Chicago-based Atlas Asset Management, part of a broader plan to exit the Chicago apartment market. Financed with low-income housing tax credits and other government subsidies, the buildings offer below-market rents to low-income tenants.

Atlas bought the portfolio on behalf of institutional investor that Pezzola declined to identify. Ted Stratman and Lucas Fryman, managing partners at Chicago-based Interra Realty, brokered the sale.

Read the full article: Crain’s Business Chicago

See addition articles on this transaction below:

ConnectCRE: Kenwood Apartment Portfolio Sells at 50% Above 2020 Purchase Price

Chicago Business Journal: 6 Apartment Buildings Near Barack Obama’s Chicago Home Sold for $27M

The Real Deal: Raskin Sells Kenwood Apartment Portfolio for Sizable Profit

ReJournals: Interra Realty brokers $27 million sale of 204-unit multifamily portfolio in Chicago