According to Crain's Real Estate Daily, the Menetti family, who own Lawrence House and 4526 N Sheridan, which are both in Housing Court, has put its entire housing portfolio up for sale.
"The Park Ridge-based Menetti family is offering a five-building, 740-unit portfolio of North Side apartments for sale. Chicago-based Essex Realty Group Inc. has been hired to sell the Uptown and Rogers Park buildings, with an asking price of $29.95 million, or about $40,473 per unit. FirstMerit Bank N.A. has filed foreclosure suits on several buildings owned by the Menettis, including some of those offered in the portfolio, according to Cook County records. The family did not immediately return a message.If a company similar to Horizon, which is known for pulling decrepit properties out of despair and rehabbing them, as it did with the Sheridan Plaza and 5050 N Sheridan, can buy and restore them, we would gladly dance a jig in the JJ Pepper's parking lot.
Uptown buildings in the portfolio are at 4526 N. Sheridan Road and 1020 W. Lawrence Ave. [...] Offers will accepted for the portfolio or for individual buildings, says Matt Welke, principal and managing director at Essex. He says the buildings are mostly studios but that the portfolio includes some one- and two-bedroom apartments. The units need cosmetic updates. [UU Note: 110 code violations in Lawrence House alone! More than "cosmetic updates" in our book.] 'With low interest rates and banks lending again, a lot of investors are flocking to apartment buildings,' Mr. Welke says. 'People like the Menettis see this as a great time to sell.'”