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CHICAGO-An 89-unit multifamily rental building in the Uptown community, which is required to remain a property offering affordable housing for the next 15 years by the Illinois Housing Development Authority, has been sold to a subsidiary of LR Development Co. The 12-story building at 910 W. Lawrence Ave. sold by Lawrence Partners, LP for $4.65 million to 910 Lawrence, LLC.

“This location offers an array of amenities, easy access to Lake Shore Drive as well as public transit, and unhindered scenic views of the lakefront,” says Millennium Properties, Inc. president Daniel J. Hyman, who represented both sides of the deal. In addition to being one block west of Lake Shore Drive, the building also is a block from a Chicago Transit Authority Red Line stop.

Fifth Third Bank provided a $3.72-million first mortgage to the buyer, whose projects include a portion of Roosevelt Square, the redevelopment of the former Chicago Housing Authority’s ABLA Homes into affordable and market-rate housing.

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