HFF named to market for sale iconic six-property Chicagoland portfolio

                                       

CHICAGO, IL – HFF announced today that it has been named to market for sale a six-property, 1,292 unit multi-housing, senior housing and hotel portfolio in the Chicagoland area.

HFF is marketing the property on behalf of the seller, IRMCO Properties & Management Corporation.  Pricing for the portfolio is anticipated to be well in excess of $200 million.

Individual property details are listed below:

Property                                          Address                                                             Unit Size           Year Built

The Belden-Stratford                    2300 Lincoln Park West, Chicago                 297 Units         1923

Flamingo Apartments                    5500 South Shore Drive, Chicago                 167 Units         1926

The Seneca                                     200 East Chestnut, Chicago                            264 Units         1926

Sovereign Apartments                  1040 West Granville Avenue, Chicago        283 Units         1924

Versailles Apartments                   5254 S. Dorchester Avenue, Chicago          96 Units           1920

North Shore Retirement Hotel    1611 Chicago Avenue, Evanston                   185 Units         1919

  

The HFF team representing IRMCO Properties & Management Corporation is led by executive managing director Matthew Lawton (top right photo), senior managing director Dan Peek (middle left photo) and managing directors Sean Fogarty (lower right photo), Marty O’Connell and Danny Kaufman.

“This is a once in a generation opportunity to purchase a portfolio of well-located, high-amenity, iconic properties that have been family-owned and managed for the past 40 or 50 years,” said Lawton.  “It provides tremendous value-add for a new owner to purchase the trophy properties and place their own mark on them.”

“The portfolio is unique in that there are three pure apartment communities, an age-restricted living facility, two properties that function as both a hotel and apartment complex and three properties that draw from the student populations at the University of Chicago and Loyola University,” added O’Connell.

IRMCO Properties & Management Corporation is recognized for its management of some of Chicago’s most renowned properties.  These properties are located along Chicago's famous lakefront, where IRMCO has established its reputation for operating hotels, apartment buildings and retirement communities since 1951.

Contacts:  

Matthew D. Lawton, HFF Executive Managing Director,  (312) 528-3650, mlawton@hfflp.com

Janice B. Greenberg, President, IRMCO Properties & Management Corporation, (773 )880-2006,  jgreenberg@irmcoproperties.com

Kristen M. Murphy, HFF Associate Director, Marketing, 713) 852-3500, krmurphy@hfflp.com