A New York developer paid $11.6 million for a 146-unit affordable housing apartment complex in Chicago’s Chinatown, expanding its portfolio in the city.
Jonathan Rose Companies’ Rose Affordable Housing Preservation Fund V bought Archer Courts at 2242 South Princeton Avenue from long-time Chicago affordable housing developer Tony Fusco, with Federal Housing Authority financing arranged by Prudential Huntoon Paige, according to Jonathan Rose.
“We want long-time residents to maintain their place in the Chinatown community, and Rose’s ownership ensures affordability for existing tenants and provides the extensive renovation that will improve Archer Courts and the quality of life for all of its residents,” said 25th Ward Alderman Bron Sigcho-Lopez.
Archer Courts, built in 1951 on land owned by the Chicago Housing Authority and provided to developers through a long-term ground lease, is one of Chicago’s oldest affordable housing developments for seniors and families.
The building, last renovated more than 20 years ago by Landon Bone and Baker Architects, will be updated to improve energy efficiency and prevent water intrusion.
Jonathan Rose bought a mixed-income 26-story, 250-unit residential property in Chicago’s South Loop in 2016. The residential building that includes 90 affordable units, is 97 percent occupied and was recently renovated with a fitness center and a resident lounge, according to Jonathan Rose’s website. In 2021 and 2020, the firm bought mixed-income residential properties in Lake Grove Village and Orland Hills, both in the Chicago-area.
The company has offices in New York, Connecticut, Colorado, Ohio and California and developed or bought more than $3.2 billion of real estate. Jonathan Rose owns and manages about 18,000 units, according to the firm’s press release.
In December, Jonathan Rose bought an affordable housing apartment building in the Bronx, New York for $64 million, two months after closing an “impact acquisition” fund focused on acquiring and preserving affordable multifamily housing. The firm secured a $53 million mortgage from Merchants Capital to buy the property.