Habitat Assumes Management of Chicago Communities

The Habitat Co., a Chicago-based multifamily property developer and manager, has been tapped to do property management and leasing for two rental communities totaling 444 units in Chicago and north suburban Evanston, Ill.

Habitat has already assumed management of the Reserve at Evanston, a four-story building near downtown Evanston including of 193 residences. Also, pre-leasing is under way at 640 North Wells, a new 250-unit rental tower in Chicago’s River North neighborhood; Habitat will take over property management of it upon completion.

“Chicago is a heated rental market with 15 new buildings set to deliver downtown this year,” said Matt Fiascone, president of the Habitat Co. “To attract residents, owners and developers need to offer the best living experience possible.”

When it opened in 2009, the Reserve at Evanston at 1930 Ridge Ave. included a full suite of amenities. But due to an influx of new apartment buildings in the area, the building’s owners believe that the property needs to be refreshed to stay competitive. In addition to assuming the management and leasing at the Reserve at Evanston, Habitat will also consult on repositioning the asset.

Enhancements are planned for the units, which consist of one-, two- and three-bedroom residences, and the amenity spaces are also poised for an upgrade. Common amenities currently include a cyber cafe, fitness center, poolside gas grills and complimentary coffee bar.

Set for delivery in July, 640 North Wells will offer one- and two-bedroom residences. Common amenities will include a rooftop swimming pool, fitness center, open air terraces and lounges, billiards lounge, a demonstration kitchen for gatherings, and a golf simulator.

The property marks the second partnership between Habitat and JDL Development in less than 12 months. Last year, Habitat helped JDL deliver 1000 South Clark, a 469-unit apartment tower in Chicago’s South Loop neighborhood.