CHICAGO-San Francisco-based Wells Fargo & Co. and a real estate company based in New York have purchased a South Side apartment complex for approximately $40 million. Related Affordable, a unit of Related Cos. has bought Parkway Gardens, a 694-unit complex at 6330-6546 S. Martin Luther King Drive, with the bank.
Related Affordable will control the 35-building housing complex. The bank is paying $36.5 million in equity for the acquisition and renovation. Chicago-based Related Midwest will oversee the renovation of the property. For the full story, go to Crain's Chicago Business .
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