Holsten sells – After nearly five decades in affordable housing, Chicago developer Peter Holsten is selling a 2,638-unit portfolio of Chicago buildings—some of which still include Chicago Housing Authority mixed-income units—as he and his wife prepare to retire. The sale incl
When Peter Holsten started building and rehabbing affordable housing in Chicago, the work was personal—so personal, longtime tenants say, that it didn’t feel like a typical real estate bet. Now, after 50 years in the business, Holsten is preparing to step away.
Holsten and his wife are selling his portfolio of Chicago buildings totaling 2. 638 units. a deal handled by Walker & Dunlop. which is marketing the properties as part of a broader exit plan. The portfolio includes 16 properties across Chicago and another in Riverdale. Of the 2,638 units, 758 are Chicago Housing Authority mixed-income units.
The sale is not only about buildings. Holsten Real Estate is also selling the firm and its management arm that oversees Holsten Real Estate’s properties.
“After nearly five decades of leadership, Peter and Jackie are beginning a well-earned transition into retirement. So the onus and opportunity now is on us to identify the next proper steward of the platform they’ve built intentionally; that they believe can certainly endure beyond their personal involvement. ” Eric Taylor. managing director at Walker & Dunlop’s Affordable Housing Platform. said.
Holsten Real Estate did not respond to a request for comment.
The most visible pressure point for renters and local advocates is the mix of funding and oversight embedded in the portfolio. The buildings include units that are tied to the Chicago Housing Authority mixed-income model—158?. No. The portfolio contains 758 Chicago Housing Authority mixed-income units. even as the rest of the units sit in the broader landscape of mixed-income development. That combination is often what makes transitions in ownership so consequential: changes in management and strategy can ripple through day-to-day services.
Walker & Dunlop is marketing the portfolio as a “mission-driven affordable housing platform built over five decades,” Taylor said. The platform operates nationwide. and Taylor said the firm has identified several parties who could purchase the buildings and the real estate firm—he declined to share further details. Taylor also declined to comment on the portfolio’s valuation. pricing expectations. or buyer interest in the first roughly three weeks it has been on the market.
Among the properties listed is the circular Hilliard Towers Apartments on the Near South Side at 2111 S. Clark St. Designed by architect Bertrand Goldberg, the Hilliard Towers mirror Goldberg’s Marina City Towers in the Loop. The Hilliard Towers were originally public housing and have since been rehabbed, though there are some CHA units.
Another standout is the Lawson House at 803 N. Dearborn St., a 409-unit Art Deco-styled building that used to be the YMCA of Metropolitan Chicago headquarters. Holsten Real Estate purchased the building from the YMCA for $1 in 2014. under an agreement that it would continue to provide low-income housing. according to the Sun-Times. The developer secured a city loan to rehab the property in 2021.
“It’s beautiful real estate, without a doubt,” Taylor said.
Holsten’s exit is also intertwined with what stays behind. Holsten Human Capital Development, an associated nonprofit, will remain as a separate entity, according to Taylor. The nonprofit’s mission is to strengthen at-risk populations by expanding their access to resources that promote self-sufficiency. wellness and stability—part of that is through developing low-income and affordable housing and fostering economic development. according to Holsten Real Estate’s website.
Holsten Real Estate says it has developed more than $500 million in mixed-income, mixed-use housing and commercial development throughout Chicago, according to the firm’s website. The company operates as both a developer and property manager, and it also acquires and rehabs existing buildings.
The Holsten listing is part of a larger market moment for properties that include CHA units. Chicago-based national affordable housing provider Brinshore Development listed 20 properties in its Chicago portfolio for sale in November. Richard Sciortino. founding partner of Brinshore. said at the time the developer planned to keep a presence in Chicago—and continue collaborating with the CHA. He said it was too early to tell what interest in the portfolio looked like. or what price the properties could sell for.
The Holsten properties currently listed for sale are:
Parkside 5, 520 W. Hobbie St. Larrabee Place (A), 545 W. Division St. Larrabee Place (B), 545 W. Division St. Terrace 459, 459 W. Division St. 551 Elm, 551 W. Elm St. 544 Oak, 544 W. Oak St. Hilliard Towers I, 2111 S. Clark St. Hilliard Towers II, 30 W. Cermak St. Wilson Yard Senior Apartments, 1032 W. Montrose Ave. Wilson Yard Apartments, 1026 W. Montrose Ave. North Town Village I, 1311 N. Halsted St. North Town Village II, 1311 N. Halsted St. Lawson House, 803 N. Dearborn St. Lawndale Apartments, 10 N. Hamlin Blvd. The Strand, 6321 S. Cottage Grove Ave. The Midwest Apartments, 6 N. Hamlin Ave. Whistler Crossing, 13750 S. Lowe Ave., Riverdale.
For a portfolio that pairs long-running affordable housing work with units tied to the Chicago Housing Authority’s mixed-income approach, the question now is simple and urgent: who becomes the next steward—and whether the promises made through decades of redevelopment survive the handoff.
Peter Holsten Holsten Real Estate affordable housing Chicago Housing Authority CHA units mixed-income housing Walker & Dunlop Eric Taylor Hilliard Towers Lawson House Brinshore Development Riverdale Chicago real estate