August 7, 2020
Hilco Real Estate, LLC announced Sept. 30 as the bid deadline for a court-supervised auction of 45 multifamily properties located on Chicago’s South Side, formally known as Better Housing Foundation Portfolio B.
The portfolio features 45 multifamily properties, totaling 535 units, organized into six separate neighborhood pools available for purchase. The portfolio is being sold subject to a minimum stalking horse overbid of $8,440,000.
Jeff Azuse, SVP at Hilco Real Estate, said, “This is a fantastic opportunity to acquire a substantial number of units and add significant value through renovation and lease-up. With the renovations, the units can be approved for various governmental assisted rental programs.”
He continued, “We’re excited to help turn a situation that didn’t meet original expectations into one that results in revitalized properties and positive change within these Chicago communities.”
Bids will be considered on the entire portfolio, individual pools of properties, or in pool combinations.
For comments, questions or concerns, please contact Paul Bubny