It’s not often that we have good news about SRO’s, or the Englewood neighborhood. So it’s nice to let you know that The Habitat Company is getting involved with three Chicagoland SRO buildings
Habitat will manage two of them, and the third it will both own and manage. The two managed properties are the Indian Trails Apartments on 121st and Indiana, and the Ridge Garden Apartments in Chicago Ridge. It bought the Eastwood Garden Apartments in Englewood.
Though Habitat hasn’t spelled out any renovation plans as of yet, it has recently invested quite a bit of money in its other SRO properties. Habitat is one of a very few Chicago development companies that both puts up luxury apartment towers for the city’s elite, and handles low-end homes for those struggling to make it in a sometimes unforgiving Chicago.
The Habitat Company Adds Three Affordable Housing Properties to Chicago-Area Portfolio
CHICAGO – Chicago-based The Habitat Company, a leading U.S. multifamily developer and property manager, announced today it has acquired and assumed property management of an affordable rental development in Chicago’s Englewood neighborhood and also assumed management of two additional affordable housing communities in the Chicago area. The three properties, which total 500 residences in Chicago and suburban Chicago Ridge, will increase Habitat’s affordable housing portfolio to more than 10,000 units.
“Ensuring families have access to housing they can afford is as much a part of The Habitat Company’s core business as its legacy,” said Matt Fiascone, president of The Habitat Company. “These three projects are a perfect fit for Habitat’s portfolio, and will further our commitment to preserving quality affordable housing opportunities so people can continue living in these Chicago communities they’ve called home for years.”
The three new properties are:
- Eastwood Garden Apartments, 6531 S. Lowe Ave., 188 one-, two-, and three-bedroom rental apartments in the Englewood neighborhood (Under Habitat ownership and management)
- Indian Trails Apartments, 251 E. 121st Place, 221 E. 121st Place and 12141 S. Indiana Ave.,180 one- and two-bedroom rental apartments in the Roseland area. (Under Habitat management)
- Ridge Garden Apartments, 10010-10040 S. Sayre Ave., 132 one-bedroom rental apartments in Chicago Ridge. (Under Habitat management)
“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 Fiascone. “At Habitat, we’re highly vested in our diverse portfolio and the well-being of our residents, so we’re excited to bring the same quality of service to these properties – as we do to our luxury and market-rate communities.”
Habitat started as an affordable housing developer on Chicago’s South Side in 1971, growing to become one of the largest multifamily developers, owners and managers in the country. Today, the company’s management portfolio comprises more than 22,000 units across five states, of which nearly half are affordable or public housing. In fact, Habitat is currently the largest property manager for the Chicago Housing Authority.
Habitat’s dedication to affordable housing only increases with each year. Earlier this year, Habitat announced a $16 million acquisition and rehabilitation of a 153-unit single room occupancy community in Chicago’s East Garfield Park neighborhood. Work to renovate East Park SRO, 3300 W. Maypole Ave., is scheduled to be completed next May. The project will help preserve the affordability of the development, add enhancements for residents and reduce the building’s carbon footprint by adding energy efficiencies.
In honor of Habitat’s 45th anniversary in 2016, the company launched Generations Housing Initiatives, a separate non-profit entity created to help the company’s community development arm gain access to the much-needed funding critical to the redevelopment of affordable housing communities. The non-profit also provides social services programs, allowing residents of Habitat communities to enjoy quality housing options.
Last year, Habitat also renovated and restored Casa Heritage, a 142-unit affordable housing community in suburban Melrose Park, Ill., and donated the property under the state of Illinois’ Affordable Housing Tax Credit program to The Resurrection Project, a Chicago-based non-profit developer. The renovation enabled Habitat to preserve the only family-designated affordable housing option in a nine-municipality area, and helped The Resurrection Project expand its portfolio of properties in a targeted location.
from Chicago Architecture https://www.chicagoarchitecture.org/2017/08/01/habitat-snaps-up-more-chicagoland-sros/