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Related buys affordable Uptown apartment complex for seniors
The $30M acquisition adds to the firm's vast portfolio of affordable housing
Related Companies bought an affordable housing complex for seniors in Uptown for $29.5 million.
The deal for the 152-unit Clarendon Court Apartments at 4500 North Clarendon Avenue was made in a series of six transactions with a team of several different sellers led by the Chicago-based Kopley Group.
New York-based Related secured a $28 million loan on the property through the Illinois Housing Development Authority, according to Cook County records.
Online listings show Clarendon Courts Apartments receives rental subsidies through the Department of Housing and Urban Development for some or all of its apartments, which are offered at affordable rents based on tenant income.
Related invests heavily in affordable housing across the country through its Related Affordable division. The company this year closed on a $590 million deal to buy 8,000 affordable units across the country from real estate investment trust Aimco.
That deal involved 51 properties in 16 states — mostly in California — though it also included the Northpoint Apartments in Chicago’s Roger Park neighborhood and the Parkways Apartments in the Jackson Park Highlands neighborhood.
Related Midwest, the Chicago-based affiliate of the company, has some ambitious development plans in the works in Chicago, including The 78, a new neighborhood along the South Branch of the Chicago River. It also wants to build two soaring skyscrapers at the mouth of the river on the site of the ill-fated Chicago Spire project.
It is also converting the former Lathrop Homes public housing complex on the North Branch of the river into a large mixed-income complex that will include affordable housing and other units administered by the Chicago Housing Authority.