The Habitat Co. Grows IL Affordable Management Portfolio
- Feb 18, 2019
The Habitat Co. has taken another BLVD Capital property under its management. The Drexel Properties is a 155-unit affordable community in Chicago’s Kenwood neighborhood and it marks the fourth asset the company has managed on behalf of BLVD Capital since May 2017.
Located at 4420-4428, 4532-4542 and 4700-4712 S. Drexel Blvd. and 4725-4727 S. Ingleside Ave., The Drexel Properties consists of four courtyard-style buildings encompassing one- to three-bedroom apartments. The property features retail options including a hairdresser and grocery store.
The other three BLVD Capital developments managed by The Habitat Co. in the Chicago area and in its proximity are Garden Estates, a 174-unit property in Michigan City, Ind., Indian Trails Apartments, a 180-unit asset in Chicago’s Roseland area, and Ridge Garden Apartments, a 132-unit community in Chicago Ridge, Ill.
“As we continue to see out-of-town owners and investors drawn to Chicago’s multifamily market, it makes perfect sense that they would want a boots-on-the-ground property management firm that has deep ties to the local market,” said Matt Fiascone, president of The Habitat Co., in a prepared statement.
The BLVD Capital-owned assets increase The Habitat Co.’s affordable housing management portfolio to more than 10,000 units. Last November, the company completed a $16 million rehabilitation program of an affordable Chicago community as part of the city’s $1.3 billion Five-Year Housing Plan.
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