A CO-OPERATIVE DEVELOPMENT
HOW IS A CO-OPERATIVE DIFFERENT FROM A CONDOMINIUM?
Unlike a condominium in which buyers own their individual living space or unit, SGA buyers own a share in the entire co-operative development. They hold a proprietary lease that entitles them to occupy their specific apartment as long as they own the share in the co-op. Co-operative apartments are more common in the Northeast, especially New York City, than in the Chicago area and Midwest.
HOW ARE THE SHERMAN GARDEN APARTMENTS GOVERNED?
SGA is governed by a 5-member Board of Trustees, all resident owners. They are elected for 3-year terms, and may serve for two consecutive terms.
HOW ARE THE SHERMAN GARDEN APARTMENTS MANAGED?
Sherman Garden Apartments are professionally managed by Heil, Heil, Smart & Golee of Evanston.
CAN I RENT AN APARTMENT?
The short answer is “no.” The Sherman Garden Apartments are legally incorporated as a co-operative Land Trust. As required by the terms of the trust, all residents must be home owners, and rentals are not permitted.