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HUD Puts 212 Multifamily Units on the Block

CHICAGO-The Boulevard Commons Apartments, spread over six buildings in the Austin and South Lawndale neighborhoods, could be sold at a foreclosure auction next month. An estimated $2.2 million in repairs are needed to the buildings, most recently 90% occupied.

By Mark Ruda | Updated on November 21, 2004

CHICAGO-The US Department of Housing and Urban Development is selling 212 multifamily rental units on the city’s West Side, spread over six buildings in the Austin and South Lawndale neighborhoods. HUD plans to sell the Boulevard Commons Apartments at a Dec. 3 foreclosure auction to a buyer able to close a cash deal within 30 days.

Property records indicate HUD is foreclosing on a $9.8-million mortgage. The brick buildings, which need an estimated $2.2 million in repairs, were most recently 90% occupied, according to HUD. A letter of credit for $550,000 to insure repairs will be done is a requirement to bid, as well as $100,000 in earnest money.

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