Mercy Buys Pullman Apartments, Plans for $30M Renovation

By GlobeSt News Hub

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CHICAGO-A venture headed by Mercy Housing Lakefront Inc. has purchased an affordable-housing apartment building consisting of 210 units at 10400 S. Maryland Ave. in Pullman for $8.2 million. A venture headed by Seattle-based Security Properties Inc., which turned the former Pullman Wheelworks property into apartments in 1980, was the seller.

The partnership between Washington, DC-based National Housing Trust/Enterprise Preservation Corp. and Mercy acquired the property and plans to initiate a $30-million improvement next year. The renovation is scheduled to be completed in 2013. For the full story, go to Crain's Chicago Business .

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Categories: Midwest, Multifamily, Acquisitions/Dispositions, Development, Sales, Scope, Chicago