Milwaukee-based multi-family housing development firm Mandel Group Inc. announced today that its property management subsidiary, Mandel Property Services Inc., has begun providing management services for multifamily assets in the Chciago market. Its first assignment is the 180-unit Terrazio Apartments & Condominiums in Chicago’s South Loop neighborhood.
Completed in 2010, Terrazio was originally conceived as a condominium development, however only 15 of its units were sold to buyers as the condo market crashed during the Great Recession. The remaining 165 units are being operated as market rate apartments. The apartments are 84 percent leased.
“We are excited to enter the Chicago market with this opportunity to manage a sizable, newly constructed asset for an existing client of MPSI,” said Don Lindeman, president of MPSI.
Mandel Group is expanding its presence beyond the Milwaukee area. In November, the firm announced that it has entered the Twin Cities market with its purchase of Lemay Lake Apartments, a 282-unit market-rate apartment complex in Eagan, Minn.