J
effrey Rappin, founder of Chicago-based Evergreen Real Estate Group, is at odds with financial partner Roseview over a plan to sell their stake in a suburban Chicago apartment complex for $26 million. The dispute centers on a buy-out process that has been stalled by Roseview, which allegedly wants to secure a higher appraisal value. A Cook County lawsuit filed by Evergreen claims Roseview is intentionally delaying the sale of its share in the 181-unit affordable housing project at 150 Greenhaven Lane in Gurnee.

    Evergreen and Roseview invested $5.8 million into the property together, with an agreement that Evergreen could buy out Roseview's interest after five to seven years. An operating agreement allowed Roseview to request an independent appraisal from a list of three recommended appraisers if Evergreen triggered the buyout process. However, after receiving an initial appraisal valuing the property at $23 million, Roseview rejected it and proposed a value of $32.5 million.

    The lawsuit alleges that Roseview is trying to force Evergreen to accept a higher valuation, which would give the company a nearly doubling of its total return on investment compared to the figure Evergreen is pushing for the buyout. Evergreen claims that Roseview's valuation is invalid and that the company is demanding to throw away the agreed-upon process in favor of a higher value. The lawsuit seeks to have a judge enforce the sale of Roseview's stake in the property based on an appraisal valued at $25.5 million, which was obtained after addressing some of Roseview's concerns about the initial valuation.