Section 8 complex goes for $20.7M in south suburb

Andrew Delman’s National Preservation Housing Partners picked up a Section 8 affordable housing complex in Cook County for $20.7 million this month.

The Deerfield-based company bought subsidized Olympic Village Apartments in Chicago Heights from Roger Gendron’s Silver Street Development Corporation, according to Cook County public records. Both firms focus on affordable housing.

Portland, Maine-based Silver Street acquired the complex in 2003, according to the company’s website. The property includes 320 units across 32 buildings at 31 Olympic Drive. It was Silver Street’s only property in the Chicago area.

Though public records show the purchase was finalized earlier this month, its financing has been in the works for longer. The City of Chicago Heights signed off on the issuance of revenue bonds to provide up to $25 million to finance an acquisition and improvements to the property in 2019.

An attorney for National Preservation Housing Partners told the City Council at the time that the organization planned to purchase the apartment complex with a $28 million loan from the U.S. Department of Housing and Urban Development as well as a $22 million tax-exempt bond issue, minutes from the council’s January 2019 meeting show.

The Olympic Village purchase rounds out National Preservation Housing Partners’ portfolio in the Chicago area to 700 units. The company also owns properties elsewhere in Illinois as well as in Arizona, Indiana, Kentucky, Massachusetts, Maryland and Pennsylvania and has preserved approximately 4,000 units in total.

The company sold off four properties totaling 755 units in the Chicago area in fall 2018, including Maple Point Apartments in Gold Coast for $53 million, Centennial Apartments in suburban Mount Prospect for $30.2 million and Walsh Park Apartments in Bucktown for $35.3 million. All three of those properties were sold to affordable housing landlord Standard Companies, which recently paid about $43 million for a South Side apartment complex from the Chicago Housing Authority.

Another affordable housing provider, New York’s Jonathan Rose Cos., recently poured $63 million into the acquisition and redevelopment of an affordable housing complex on Chicago’s Near West Side, Barbara Jean Wright Court.

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