Chicago–Multifamily property developer and manager The Habitat Company has been awarded property management contracts for four Chicago-area condominium properties.
Counting the nearly 1,000 condominium residences added in Chicago and northwest suburban Prospect Heights, The Habitat Company’s management portfolio has swelled by 30 percent in less than six months. The four properties are 2400 N. Lakeview, a 262-unit Mies van der Rohe-designed condominium building in Chicago’s Lincoln Park neighborhood; Cornell Village, a 166-residence community in Chicago’s Hyde Park community; Park Place, a 163-unit contemporary condominium tower in Chicago’s River North; and River Trails, a 360-unit garden-style community in Prospect Heights. Of the four, only 2400 N. Lakeview is not currently under management by Habitat, but will be starting next month.
The boards of the four condominium communities were attracted to Habitat for a number of reasons, including its best business practices in assessment collection, financial reporting, general accounting, innovative technology, proactive building engineering services and team building, said Diane White, Habitat senior vice president of condo management.
“In addition to our numerous processes that streamline a community’s daily operations, what boards and residents also appreciate is Habitat’s proactive approach in communicating with them to enhance the living experience for every condominium owner,” White added. “Each project is unique with distinct characteristics and needs, and Habitat’s goal is to implement and execute the directives as outlined to make the board’s vision for its community a reality.”
The Habitat Company maximizes procedural efficiency and boosts cost reductions by giving clients volume discounts on such purchases as property insurance and gas and electric utilities. Habitat also offers a proprietary budget program delivering real-time forecasting and reporting, to help manage daily financial challenges with greater efficiency.
Other Habitat-provided benefits to be enjoyed by the four properties include a new tracking system and log to ease coordination of move-in/-out traffic; optional electronic assessment statements; board access to monthly financial reports; and potential savings on premiums of no less than 25 percent by taking part in The Habitat Company Master Insurance Program.