PEF Advisors Buys Chicago-Area Affordable Senior Housing

Carefree Development sold the 198-unit property.

Freedom Village. Image courtesy of Preservation Equity Fund Advisors

Preservation Equity Fund Advisors has acquired Freedom Village, a 198-unit age-restricted and fully affordable community in Homewood, Ill. Carefree Development was the seller, according to Yardi Matrix data. The property became subject to a $9.8 million Fannie Mae loan in 2014, the same source shows.

Freedom Village caters to seniors earning 60 percent of the area median income. Completed in 1998, the property was developed through tax credits provided by the Illinois Housing Development Authority.

The three-story property encompasses one- and two-bedroom apartments ranging between 616 and 908 square feet. The community has a fitness center, outdoor patios, a library, a community room and a game room, as well as an on-site physical therapy room. In-unit amenities include walk-in closets, vinyl flooring and heating/cooling systems.

Freedom Village is adjacent to Washington Park Plaza at 935 Maple Ave., in the Chicago Heights submarket. The property is near the intersection of Interstate 294 and Route 1, which provide direct access to downtown Chicago. There is an abundance of retail centers and dining options in the proximity of the community. Large green areas such as Wampum Lake and Glenwood Woods-South are within a 3.3-mile radius.

PEF Advisors focuses on acquiring and preserving existing affordable housing communities in high-cost markets. In November 2022 the company purchased Crescent Club, a 215-unit age-restricted and fully affordable community in Orlando, Fla.

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