Chicago Affordable Housing Giant Peter Holsten to Retire

Peter Holsten, founder of Holsten Real Estate Development Corporation, is selling off his Chicago portfolio as he plans to retire with his wife.

Holsten was in the real estate business for 50 years, and has listed a total of 17 buildings along with selling the firm and management arm that oversees the properties, according to the Chicago Sun-Times. Brokerage Walker and Dunlop will be marketing the portfolio for sale. Eric Taylor, managing director at Walker and Dunlop, told the outlet that the main enticement for any prospective buyer is the management arm and development firm, with five decades of experience in the affordable housing business.

As part of the divvying up of properties, Holsten Human Capital Development, an associated nonprofit aimed at strengthening at-risk populations by expanding critical resource access, will remain a separate entity. Holsten’s wife, Jackie, will head up the operation, and the nonprofit will be unaffected by any sale, according to the publication.

In total, the portfolio contains 2,638 apartment units, 758 of which are Chicago Housing Authority mixed-income units. Marketing materials peg the square footage of the series of properties, which includes commercial space, at over two million square feet. During more than 50 years of operation, Holsten developed over $500 million in mixed-income housing, commercial development and mixed-use housing across the Chicagoland area.

The entire portfolio has been on the market for around three weeks, and representatives contacted by the outlet did not comment on its valuation or any percolating interest.

As recently as 2025, Holsten secured one of the final pieces needed for the redevelopment of the former Cabrini-Green public housing complex. They locked in $45 million in construction financing to finish the Parkside at Old Town plan with “Parkside 5,” a 99-unit mixed-income development. Parkside 5 plans include 37 public housing units, 28 additional affordable housing units and 34 market-rate units.

— Hunter Cooke