Evergreen Grows Affordable Housing Management Portfolio
The firm added 11 communities totaling nearly 1,000 units located in Illinois, Minnesota, Ohio, Pennsylvania and Wisconsin.
Evergreen Real Estate Group, a Chicago-based multifamily company that develops, acquires and manages affordable and market-rate apartment properties for seniors and families, has been retained to manage 11 communities with a total of 971 units.
The properties are located in Illinois, Minnesota, Ohio, Pennsylvania and Wisconsin and include a mix of affordable housing for families, seniors and disabled individuals. The new assignments expand Evergreen’s management portfolio to 8,500 units throughout the U.S.
Steve Rappin, Evergreen president, said in prepared remarks that the properties include a mix of newly renovated apartments along with new construction, including affordable senior residences co-located with public library branches developed through a partnership with the Chicago Housing Authority and the Chicago Public Library that began in 2018. He noted the company’s experience and integrated approach create efficiencies that benefit the residents, third-party owners, housing agencies and other partners.
As property manager, Evergreen will oversee site-level operations and, in some communities, spearhead capital improvements using low-income housing tax credits and other subsidies.
In January 2019, Evergreen added nine affordable housing communities in Illinois, Kansas, Ohio and Wisconsin with a total of 1,071 units to its management portfolio.
The new management assignments include Independence Apartments and Northtown Apartments, both 44-unit affordable senior communities co-located with Chicago Public Library branches. Other properties in the portfolio are:
- Oso Apartments—48-unit affordable family housing community in Chicago;
- Humboldt Ridge—100-unit affordable family housing community in Chicago;
- Oakridge Village Apartments—90-unit affordable senior and family housing community in Antioch, Ill.;
- Holmes Greenway Housing—54-unit affordable senior and disabled housing community in Minneapolis;
- Eastridge Estates—126-unit affordable family housing community in Rochester, Minn.;
- Oak Park Village Apartments—100-unit affordable family housing community in St. Louis Park, Minn.;
- Pelham Manor—101-unit affordable family housing community in Toledo, Ohio;
- Greenview Gardens Apartments—137-unit affordable family housing community in Butler, Penn.;
- Golda Meir House—127-unit affordable senior housing community in Milwaukee.