California-based Transcend Development Group has acquired the 180-unit Indian Trails Apartments at 221 E. 121st St. in West Pullman and plans to invest $25 million to renovate the multifamily complex.
The real estate development and investment firm paid $21 million to acquire the property from Sausage King of Chicago and will invest $25 million to support a full-scale rehabilitation. The project is financed through Low-Income Housing Tax Credits, tax-exempt bonds, and public and private investment from the City of Chicago, HUD, and Huntington Bank.
Transcend was represented on the acquisition by Doug Childers with JLL. The seller was represented by Marcus & Millichap. Built in 1971, Indian Trails Apartments comprises 180 residences across three five-story buildings on a five-acre parcel of land.
The redevelopment of Indian Trails Apartments is scheduled to begin this Spring, and renovations will include substantial upgrades, including new kitchens and bathrooms, vinyl tile flooring, and modern electrical systems. Building-wide improvements include full roof replacement, new windows and exterior doors, and enhanced energy efficiency.
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