Prairie Park & Park Apartments
Prairie Park & Park Apartments | Chicago, IL
Marketing description
Park Apartments & Prairie Park Apartments represent a 176-unit affordable multifamily offering in Chicago’s Washington Park neighborhood within the South Lakefront submarket. The properties are being offered as a package or may be purchased individually, providing investors flexibility to acquire either a larger-scale portfolio or a single asset based on their investment strategy.
The offering includes Park Apartments, a 120-unit historic courtyard community with layered LIHTC and HAP agreements, and Prairie Park Apartments, a 56-unit townhome-style community with LIHTC restrictions nearing expiration. Together, the assets provide stable in-place income, embedded rent upside through below-allowable rents, and exposure to a transit-accessible location near Washington Park, Hyde Park, the University of Chicago, UChicago Medicine, Lake Michigan, and other major South Side demand drivers.
With strong neighborhood anchors, limited new supply, and continued demand for attainable housing, the portfolio offers a compelling blend of predictable cash flow, operational upside, and long-term appreciation potential. Investors may pursue the full 176-unit portfolio for scale or evaluate each property individually based on its distinct profile and value proposition.
Investment highlights
Flexible Acquisition Opportunity Park Apartments and Prairie Park Apartments are being offered either as a 176-unit portfolio or as individual asset purchases, giving investors flexibility to pursue scale or target the property that best aligns with their investment strategy.
Stable Affordable Housing Income with Embedded Upside Both properties are supported by affordable housing programs, creating a durable and defensive income profile. In-place rents remain below net allowable levels, providing a clear path to increase revenue through rent adjustments within existing regulatory frameworks. Park Apartments has approximately $50,000+ of annual rent upside, while Prairie Park Apartments has approximately $75,000+ of annual rent upside.
Transit-Oriented South Side Location The properties benefit from strong connectivity to Downtown Chicago and surrounding employment centers through nearby CTA, Metra, and bus access. Park Apartments is positioned near the Garfield CTA Green Line station, while Prairie Park Apartments offers convenient access to transit, Washington Park, Hyde Park, and Lake Michigan.
Proximity to Major Institutional Anchors Located in Washington Park within the South Lakefront submarket, the portfolio benefits from proximity to major demand drivers including the University of Chicago, UChicago Medicine, Hyde Park, Washington Park, Lake Michigan, and the Museum of Science and Industry.
Supply-Constrained Submarket Fundamentals The South Lakefront submarket is supported by limited new construction, stable occupancy, and consistent renter demand. The properties are positioned to benefit from long-term demand for attainable housing in an institutionally anchored Chicago submarket.
Broad Renter Appeal Together, the portfolio offers a wide range of unit types, including one- to four-bedroom apartments at Park Apartments and spacious townhome-style residences at Prairie Park Apartments. This diverse unit mix supports demand from families, workforce households, students, and employees tied to nearby institutional anchors.
Long-Term Value Creation Potential The combination of below-allowable rents, affordable agreement structures, limited new supply, and neighborhood growth provides investors with a compelling mix of predictable cash flow, operational upside, and long-term appreciation potential.
Listing Contacts
Valuation Calculator
Valuation Metrics
Map
Zoning
Broker Selected Comps View More Comps
Property History
Tax History
Similar Properties
Additional Information
Is there information that looks off?
