Chicago bank invests in out-of-state apartments

Sinks cash into 4 Louisiana properties

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Representing a Chicago financial institution, Colliers Bennett & Kahnweiler Inc. has brokered a $9.5 million multifamily portfolio sale in Shreveport, La. First Bank of Illinois sold the four-property, 576-unit portfolio to New York-based Platinum Management. The properties include: "Villa Norte," located at 1620 Fullerton St., which comprises 13 two-story buildings totaling 200 units that were constructed in 1972. The complex features a mix of one-, two- and three-bedroom units with approximately 500 parking spaces. "The Pines," located at 8040 Line Ave., comprising 20 two-story buildings totaling 128 units that were constructed in 1972. The complex features a mix of one-, two- and three-bedroom units with approximately 206 spaces. "Kings Manor I," located at 7210 Bernstein Ave. The asset includes 20 two-story buildings totaling 184 units that were constructed in 1972. The complex features a mix of one- and two-bedroom units with appr...