Parkside Apartments Sold for $6.9 Million

The new owner of Glen Ellyn's Parkside Apartments says he wants to "raise the standard of living" for the residents of the eight-building complex.

The 120-unit apartment complex at 18 N. Parkside Ave. has been the subject of much public scrutiny since it was removed from a tax increment financing district in 2013 and then put up for sale by Mary Aboutar, Wagih Nessim and Wadie Ashamalla. The trio sold the buildings for $6.9 million, about $350,000 below the original listing price, to Windy City RE.

Joshua Rubenstein, co-owner of Windy City, said the property is in need of renovation and rents are below market rates, but residents — many of whom are immigrants and refugees — need not worry about being put out of their homes.

“We're definitely not trying to displace them," he told Suburban Life.

Worth noting:

• Windy City will spend $1 million on improvements
• Rents will increase when leases expire, but not more than 5 percent
• Units will be renovated as tenants move out

Want to Know More?

• Apartment residents wary of potential sale: Daily Herald
• Sale of Parkside Apartments to bring rent increases: Suburban Life