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October 16, 2020 Comments (0) Views: 1131 Chicago News, South Side

Receiver Sells Apartments Behind Alleged Ponzi Scheme

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A court-appointed receiver is unloading more South Side apartments linked to an alleged Ponzi scheme, making deals to sell 14 properties for nearly $17 million to several different investors, Crain’s Chicago Business reported.

Crain’s reported that receiver Kevin Duff is moving forward with the sales more than two years after the Securities & Exchange Commission filed a lawsuit accusing the owner, Florida-based investment firm EquityBuild, of orchestrating a massive civil fraud with the properties. SVN Chicago Commercial was hired by Duff and has been selling off EquityBuild’s portfolio in batches.

Multifamily landlords citywide have struggled as the coronavirus pandemic and recession have depressed occupancies and made it harder to collect rent. Yet, investors are still eager to buy South Side apartments, Finley Askin, adviser at SVN Chicago Commercial, told Crain’s.

“There’s still a lot of money chasing deals,” Askin said. “Pricing has remained strong. Multifamily has remained highly coveted.”

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