An affordable housing investor based in New York spent $10.7 million for a 13-building multifamily portfolio on Chicago’s South Side.
Jonathan Rose Cos. bought the 167-unit portfolio in the Englewood neighborhood through its Rose Affordable Housing Preservation Fund, the Chicago Business Journal reported. The deal marks the third time Jonathan Rose bought property from the Chicago Community Development Corporation this year.
The purchase increases total units in Chicago to 1,800, putting the company on track to meet its goal of 2,000 by the end of the year, Nathan Taft, a partner at Jonathan Rose, told the outlet. “While it’s not typical for us to buy a portfolio whose properties are spread out like this one, at the end of the day, if an opportunity comes our way, we will consider it regardless of location.”
The buildings are located on multiple different streets within a one-mile radius. The address include 7000-7004, 7056-7058 and 7159 South Eggleston Avenue; 6545, 6547-6549, 6553-6559, 6850-6854 and 7001-7003 South Normal Boulevard; 6757-6759 South Parnell Avenue; 6818 and 7011-7013 South Perry Avenue; 6642-6656 South Stewart Avenue; and 408-410 West 67th Street.
According to Taft, the company is partnering with local developer 5T Management to manage the properties and oversee a 12-month, $1 million renovation that will include new floors and cabinets in the units, fire and safety improvements, green upgrades and exterior repairs.
Jonathan Rose bought the 146-unit Archer Courts affordable housing complex in the Chinatown neighborhood earlier this year and is in the process of closing a deal for the 318-unit Jackson Park Terrace on Stony Island Avenue, across the street from the future Obama Presidential Center.
“We are cleaning up on that sale [of Jackson Park Terrace] as we speak, making sure the dust is settled before we close on that property, but I expect that to happen in the next 30 days,” Taft told the outlet. “Regarding us buying more affordable housing properties in Chicago and other submarkets, we are actively looking across all areas.”
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