The Habitat Company, appear it has acquired and will administer three backdrop including Renaissance West in the contemporary Logan aboveboard neighborhood, Lyndale Place in Bucktown and York Terrace Apartments abreast Chicago’s HistoricPrairie District.
In a accord brokered by Kiser Group and Affordable Accommodation Investment Brokerage, Habitat acquired two communities that abatement beneath the awning of its Affordable Group.
Renaissance West, amid at 2517 W. Fullerton Ave., is a 100-unit architecture comprised of flat apartments while Lyndale Place, a 67-unit best courtyard accommodation is amid at 2575 W. Lyndale St. and appearance one-, two- and three-bedroom units.
The Habitat Company affairs to alter and advancement a cardinal of the architecture systems in adjustment to accommodate an bigger addressee experience. Additionally, Habitat’s Generations Accommodation Initiative (GHI) will accommodate citizen casework to both barrio that accommodate bloom and wellness programs and accommodating admission to admiring casework for individuals and families.
“Whenever an accretion involves Section 42 Low Income Accommodation Tax Credits (LIHTC), it can be an backbreaking closing process,” said Michael D’Agostino, administrator at Kiser Group in a statement. “With two LIHTC backdrop involved, this complicated accord took about two years to complete due to the approvals bare from assorted government bodies. That said, the delay was account it. Both barrio are counterbalanced so Habitat can abide to accommodate affordable accommodation for residents.”
The third property, York Terrace apartments is comprised of one 21-story architecture and two four-story barrio for a absolute of 331 units. Amid at 2701 and 2727 S. Indiana and 2740 S. Prairie Ave., the market-rate development is in adjacency to the new Marriott Marquis Chicago and DePaul’s new Wintrust Arena. The acreage was developed by The Habitat Company in 1969, the contempo accretion of York Terrace, through a collective adventure with KIN Backdrop brings the architecture aback to Habitat.
According to Fiascone, all units will be adapted forth with the building’s exterior, accepted spaces, automated systems, beam and offices. Each assemblage will accept new appliances, cabinets, countertops, mirrors, flooring, and lighting and accouterments fixtures. Renovations are advancing to alpha in February 2018 with achievement appointed for 2021.
The accession of these three backdrop brings the cardinal of accommodation acquisitions this year to seven communities for The Habitat Company, accretion aloof over 1,200 units.
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