New Frontier Buys Chicago-Area Senior Living Asset
- Jul 05, 2021
New Frontier Cos. has acquired Riverwalk Apartments, a 120-unit senior living community in Lyons, Ill., for $8.8 million from Barron Development. Affordable Housing Investment Brokerage represented both the seller and the buyer.
The new owner plans to maintain the community’s affordable status. Current affordability restrictions are in place through 2033.
Located at 8019 Ogden Ave., the six-story building was completed in 2003. The property was developed with Low-Income Housing Tax Credits funding allocated in 2001, according to the U.S. Department of Housing and Urban Development.
The Illinois Housing Development Authority provided additional financing. A redevelopment project taking shape 6 miles from the property was also funded by the Illinois Housing Development Authority—the 100-unit Maywood Supportive Living will replace a long-vacant Baptist retirement home.
Riverwalk features 99 one- and 21 two-bedroom units catering to seniors aged 62 and over. While the majority of the apartments are available for low-income residents, 16 units are market rate.
The location provides access to the Ogden Avenue retail corridor, home to various dining options. Situated 15 miles east of downtown Chicago, the complex is surrounded by parks, with Cermak Woods less than a mile west and Bloomingbank/Scottswood Pocket Park just across the Des Plains River.