Longtime Chicago developers Peter and Jackie Holsten are putting their 17-property portfolio on the market.
The portfolio includes 2,638 units in the metro area, with all properties backed by the low-income housing tax credit program or other subsidies that provide long-term affordability.
The sale comes as Peter Holsten, founder of Holsten Real Estate Development Corp., plans to retire after a 50-year career in real estate. He has developed more than $500 million in mixed-income housing and commercial developments across the area.
His firm’s work has included partnering with the Chicago Housing Authority (CHA) in transforming aging public housing sites into modern mixed-income developments. The portfolio includes 758 units being utilized as CHA mixed-income units.
Walker & Dunlop has been hired as brokers for the entire portfolio. Eric Taylor, managing director within the firm’s affordable housing platform, has been tapped to lead the sale.
Holsten plans to sell the firm and management arm that oversees the properties. An associated nonprofit, Holsten Human Capital Development, will remain a separate entity, according to reports.