CHICAGO-Most of the real estate holdings of the late Chicago real estate icon Leonard Richman, who died last year at 88 of complications of pneumonia, are now up for sale. HFF is marketing the six-property portfolio of Richman’s Irmco Properties & Management Corp. for more than $200 million.
Richman is known for acquiring 1920s-era sites in the early 1950s and turning them into successful multifamily properties. The 1,292-unit portfolio includes three apartments, an age-restricted living facility, and two properties that include hotel and apartment units.
The properties include the 297-unit Belden-Stratford, 167-unit Flamingo Apartments, 264-unit Seneca, 283-unit Soveriegn Apartments, 96-unit Versailles Apartments and the 185-unit North Shore Retirement Hotel.
Matthew Lawton, executive managing director at HFF, is leading the marketing team. He tells GlobeSt.com that Irmco owners feel this is an opportune time to monetize their position. The units are about 95% occupied, he says.
“The properties may be old but they’ve been kept in impeccable condition, they’re iconic, beautiful vintage buildings,” Lawton says. Irmco will accept individual, pooled and portfolio offers, he says.
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