“Rents and property values have been slower to appreciate in some of these South Side neighborhoods, so there’s more upside for buyers willing to venture outside Chicago’s downtown core,” he adds. “In the case of the Shorewind properties, the proximity to the lakefront and planned developments like the Obama Presidential Center and Tiger Woods-designed golf course also supports long-term value.”

Shorewind Towers is a 16-story, 178-unit building that was completed in 1927 and includes a mix of studio and one- to four-bedroom apartments. The property was designed by the architectural firm of McNally & Quinn. Shorewind Court Apartments, located just down the block from Shorewind Towers, is a three-story, 60-unit community built in 1920 and features studio, one-, two- and three-bedroom units. Also included in the sale was a gated parking lot at 2344 E. 70th Place.

“These communities are an ideal opportunity to invest in well-located, well-constructed properties in a city where we are always looking for more ways to be involved,” says Paul Odland, founding partner and president of Belveron Partners, a privately held firm focused on preserving affordable and workforce housing across the US. “Shorewind suits our mission of investing in low- and middle-income rental housing, ensuring that current residents of neighborhoods like South Shore are not displaced by future development.”

Amenities shared by the two buildings include a fitness center, business center, on-site laundry, on-site management office, package delivery system and bike storage.

The Shorewind properties are within walking distance to several CTA bus routes, including express routes to downtown, as well as the Metra Electric District line, which connects to Millennium Station. The southern terminus of the Lakefront Trail, an 18-mile path that extends north along the Lake Michigan shoreline to Ardmore Avenue, is also near the properties.