Sale of Parkside Apartments in Glen Ellyn to bring rent increases, renovations

P { margin-bottom: 0.08in; }

GLEN ELLYN – Changes are on the horizon for residents of Glen Ellyn's Parkside Apartments, after the complex was purchased for $6.9 million by Chicago-based firm Windy City RE on Feb. 25.

Parkside's 500 tenants have had a tumultuous year.

The eight buildings north of Roosevelt Road between Main Street and Parkside Avenue, which contain 120 total units, were removed from a tax increment financing district along Roosevelt during summer 2013, after residents expressed concerns the district would attract a new development to replace the apartments.

More recently, worries surfaced surrounding the complex's sale.

Many of Parkside's renters are immigrants or refugees, and keeping the units affordable is essential to maintaining the apartments' existing community, said resident Matthew Soerens, who works for the humanitarian organization World Relief.

But Soerens needn't worry, said Windy City co-owner Joshua Rubenstein.

“The plan is to raise the standard of living of the tenants who are currently there,” he said. “We're definitely not trying to displace them.”

Windy City specializes in distressed apartment buildings, Rubenstein said, adding that Parkside's current rents are below market rate and the property is in need of renovation.

Soerens currently pays $950 for his two-bedroom apartment, he said. Six months ago, he rented a one-bedroom for $750.

Rubenstein estimated the firm will spend more than $1 million on improvements to the complex.

Windy City intends to address safety issues at Parkside, he said, improving rusty staircases, removing garbage from communal areas and landscaping them, and performing routine maintenance neglected in recent years.

Tenants can expect a rent increase as their leases expire, Rubenstein said, but not by more than five percent.

Soerens is aware of the anticipated raise in rent, he said, but has consistently seen annual increases at Parkside in the past.

“Everything that we've heard so far has been pretty encouraging,” he said. “Of course we welcome improvements to the neighborhood and to the complex.”

As residents move out, Rubenstein said, Windy City will renovate units in pace with organic turnover.

Updated apartments will include new tiling, stainless steel appliances, granite countertops and light and plumbing fixtures, he said.

The units will rent at $900 for a one-bedroom and $1,200 to $1,300 for a two-bedroom.

Parkside tenants did not receive official notification of the renovations, Soerens said, but Windy City's management has spoken openly with residents about the changes.

Rubenstein anticipates the transition to be gradual, but projects the majority of work will be completed within two years, depending on tenant turnover.

The apartments were previously owned by Wadie Ashamalla, Wagih Nessim and Mary Aboutar, who did not respond to multiple requests for comment.