Partially Affordable Community Changes Hands in Chicago

Renaissance North is in the city’s Old Town neighborhood and sold for $15.5 million. The building includes 59 units, with 18 set aside for low-income residents.

Renaissance North

Renaissance North

Kiser Group and Affordable Housing Investment Brokerage has facilitated the $15.5 million sale of Renaissance North, a 59-unit apartment building in Chicago’s Old Town neighborhood. Senior Director Michael D’Agostino and Affordable Housing Investment Brokerage Managing Director Kyle Shoemaker represented both the buyer, a national investment fund focused on workforce and affordable housing, and the seller—Renaissance Cos. The new owner is set to invest in the market-rate units and the parking garage.

Located at 551 W. North Ave., the transit-oriented community is within walking distance of several dining, retail and entertainment establishments. Completed in 2003, Renaissance North was built under the low-income housing tax credit (LIHTC) program and using Home funds via the City of Chicago. Through a Chicago Housing Authority (CHA) agreement,  18 of the units will be subsidized. According to Yardi Matrix data, the property includes 1,627 square feet of ground-floor retail space and common-area amenities such as laundry facilities, fitness center and partially covered parking.

“As one of the first sales of a property that was part of the CHA’s Plan for Transformation, this deal presented unique challenges that required a buyer well-versed in not only the LIHTC program, but also dealing with multiple other layers of government regulation,” said Kyle Shoemaker, managing director with Affordable Housing Investment Brokerage, in a prepared statement.

Image courtesy of Kiser Group

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