Updated Jan 13, 2026
Transcend Development Group Acquires Multifamily Property At 221 East 121st Place For $30M
221 East 121st Place
$30,000,000
Units
180
Asset Type
MultiFamily
Closing
Jan 12, 2026
About this deal
AI
A 180-unit, three-building subsidized housing complex located at 221 East 121st Place has been sold in Chicago’s West Pullman neighborhood. The property, built in 1971, was sold for $30 million, with a price per unit of $166,667.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $30,000,000
- Buyer: Transcend Development Group
- Seller: Alan Smolinisky & Brian Chien-Chih Chen
- Units: 180
- PPU: $166,667
- Market: Chicago
- Loan Amount: $24,000,000 in Low Income Housing Tax Credit loans for renovations
- Total Investment: $53,000,000
Transcend Development Group acquired the property from California investors Alan Smolinisky and Brian Chien-Chih Chen. The buyer's plans for the property include significant renovations supported by the secured financing.
On the Map
$30,000,000
MultiFamily
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Players
Chicago MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.53%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93