Oak Brook-based Inland Real Estate Group plans to acquire a Hinsdale residential development. The original owner was accused of a Ponzi scheme.
According to ChicagoRealEstateDaily.com (CRED), the development, called Hamptons of Hinsdale, was started by Westrust Capital, LLC. However, the project was halted in mid development during August of 2008 when the firm was charged by Federal prosecutors with defrauding investors of over $250 million.
The development on 12 acres at 5711 S. Grant Street had 26 of 199 total units completed thus far.
“It’s a good location, but it has to be priced just right if it’s going to sell,” Jim Brady, a sales associate in Coldwell Banker NRT’s Hinsdale office who isn’t involved with the project tells CRED.
CRED reports that the Inland may close the deal as soon as April.