Parkside Apartments Sold for $6.9 Million

New owner intends to renovate and raise the rent but says immigrant and refugee tenants won't be forced to leave.

The property at 18 N. Parkside Ave. in Glen Ellyn. | Source: Redfin.com
The property at 18 N. Parkside Ave. in Glen Ellyn. | Source: Redfin.com
The new owner of Glen Ellyn's Parkside Apartments says he wants to "raise the standard of living" for the residents of the eight-building complex.

    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.

    Worth noting:

    • 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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