Habitat Lands, Assumes Management of Chicago Asset
The multifamily developer and property manager purchased and assumed property management of Eastwood Garden, an affordable community in the Englewood neighborhood. The company will manage two other properties in the Chicago area.
By Laura Calugar
The Habitat Co. purchased and assumed property management of Eastwood Garden Apartments, a 188-unit affordable rental development in Chicago’s Englewood neighborhood. The company also assumed management of two additional affordable housing communities in the Chicago area. The three properties total 500 apartments in Chicago and suburban Chicago Ridge.
Located at 6531 S. Lowe Ave., Eastwood Garden Apartments is in close proximity to the junction between Interstates 90 and 94. According to Yardi Matrix data, the asset features 68 one-, 77 two- and 43 three-bedroom apartments, ranging from 468 to 703 square feet.
Properties under management
Apart from acquiring and managing the Eastwood Garden Apartments, Habitat also assumed management of two other assets, including:
- Indian Trails Apartments—Located at 221 E. 121st Place, the 180-unit asset is in the Roseland area. Almost all apartments are Section 8 assisted living units.
- Ridge Garden Apartments—Located at 10010-10040 S. Sayre Ave., the community features 132 one-bedroom apartments in Chicago Ridge. All apartments are Section 8 assisted living units.
“Ensuring families have access to housing they can afford is as much a part of The Habitat Co.’s core business as its legacy. Not only are these three communities in neighborhoods that need well-managed and quality affordable housing, which was certainly a draw for us, but we also saw potential in these assets and will be announcing improvements in the coming months” said The Habitat Co. President Matt Fiascone, in a prepared statement.
Preserving the metro’s affordability
Earlier this year, Habitat announced a $16 million acquisition and rehabilitation of a 153-unit affordable community in Chicago’s East Garfield Park neighborhood. Work to renovate East Park SRO is scheduled to be completed next spring. In 2016, Habitat renovated Casa Heritage, a 142-unit affordable housing community in suburban Melrose Park, Ill. Following the restoration, the company donated the property under the state of Illinois’ Affordable Housing Tax Credit program to The Resurrection Project.
Habitat started as an affordable housing developer on Chicago’s South Side in 1971. Today, the company’s management portfolio includes more than 22,000 units across five states, of which nearly half are affordable or public housing. With the newest additions, Habitat now manages more than 10,000 affordable units.
Image courtesy of Yardi Matrix