Lake Vista Apartments1500 S. Indiana Street, Chicago, IL LP Solutions Fund
Lake Vista is a high-rise apartment building overlooking the Chicago Bears’ Stadium. The distinctive property has 286 apartments designated for elderly tenants and offers expansive views of Lake Michigan.
The limited partners of this investment-tier partnership were in a difficult financial position prior to the sale of their property. They were paying taxes on phantom income without any distributions to help lessen the tax burden. The partnership owned several properties and net after-tax liabilities were projected for the limited partners for the foreseeable future. LIHC Investment Group was able to pay significant cash proceeds to the limited partners and absorbed all future tax liabilities. This provided the limited partners with a viable exit strategy.
LAKE VISTA APARTMENTS
1500 S. Indiana Street, Chicago, IL
LP Solutions Fund