CHICAGO — The Colliers International-Affordable Housing Group has completed the sale of Willa Rawls Manor, a 123-unit affordable seniors housing tower in Chicago.
The price was not disclosed, but Colliers claims the property received more than 20 bids and traded for a record-low capitalization rate of 3.25 percent.
As a result of the sale, the affordability was extended for 20 years. The new owner plans to implement significant renovations to the 42-year-old seniors housing property.
Colliers, represented both the undisclosed buyer and the seller, Tabernacle Senior Citizens Project Inc., in the transaction.