Lysinger, a long-term, local owner/operator, went after the Saranac Apartments asset because he "was looking to put another property into his portfolio," according to Peter Scepanovic of Colliers International, who worked on the deal. Scepanovic tells GlobeSt.com that the new owner plans to rehab the property, which is comprised of two adjacent facilities built in a three-year period from 1970 through 1972.

Located at 7080-7138 Saranac St., the complex houses a total of 68 apartments. The unit mix consists of two studios; 62 one-bedroom, one-bath floorplans; one two-bedroom, one-bath design; and three two-bedroom townhouse layouts. Amenities here include a swimming pool, balconies and covered parking, according to Scepanovic.

In the recent transaction, sellers UK Capital LLC and the Saranac Partnership LP were represented by Scepanovic, who says the investors sold the property to "diversify their portfolio of real estate into other markets." Ron Mazzola of Ron Mazzola Realty acted on behalf of Lysinger, who attained a $4.4-million loan from Quaker City Bank for the acquisition.