The 120-unit apartment complex at 18 N. Parkside Ave. has been the subject of much public scrutiny since it was removed from a tax increment financing district in 2013 and then put up for sale by Mary Aboutar, Wagih Nessim and Wadie Ashamalla. The trio sold the buildings for $6.9 million, about $350,000 below the original listing price, to Windy City RE.
Joshua Rubenstein, co-owner of Windy City, said the property is in need of renovation and rents are below market rates, but residents — many of whom are immigrants and refugees — need not worry about being put out of their homes.
“We're definitely not trying to displace them," he told Suburban Life.
- Windy City will spend $1 million on improvements
- Rents will increase when leases expire, but not more than 5 percent
- Units will be renovated as tenants move out
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