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CHICAGO HEIGHTS, IL-A 232-unit city-owned multifamily rental complex in this south suburb is back in private hands after more than 11 years. The Thornwood Apartments have been acquired for $10.3 million by Chicago-based DKI Inc., which plans to build affordable housing for seniors on a vacant parcel that was part of the deal.

The purchase was financed by $10 million in multifamily housing revenue bonds issued by the Illinois Finance Authority, according to a mortgage filed with the Cook County Recorder of Deeds office. DKI Inc., which plans to renovate the 25-year-old property at 19440-60 Glenwood Rd., inherits a US Department of Housing and Urban Development Section 8 contract, according to that mortgage.

A Hendricks & Partners team of Ralph DePasquale and Bill Montana brokered the sale of the multifamily rental complex, which the City of Chicago Heights acquired in 1994 through a Cook County property tax sale.