Normandy says the acquisitions are part of a plan to expand its portfolio in the Midwest. The two properties, Parkview Gardens and Golfview Manor, were sold by Home Properties, represented by Hendricks & Partners.

"We believe in the preservation and revitalization of rental and for-sale affordable work force multifamily housing, and in the opportunity presented by under-served markets such as the Midwest," says K. Dean Neely, chairman and chief executive officer of Normandy Holdings. "These properties will benefit from aggressive property management, strong demand for affordable housing, and local revitalization efforts, to serve our portfolio with strong, steady revenues for the long term."

Both properties are located on the city's far west side. Parkview Gardens is a gated community comprised of 482 garden and townhome-style units with a 90% occupancy rate. Golfview Manor, 95% occupied, has 44 garden-style apartments. Both properties are occupied by low- to moderate-income families, Normandy says.