Affordable Housing Investment Brokerage (AHIB) announced that Levy House, located at 1221 W. Sherwin Avenue in Chicago’s East Rogers Park neighborhood, has sold for $8.1 million. The brokerage firm partnered on the listing with Kiser Group so that the seller had the benefit of AHIB’s expertise in affordable housing and Kiser Group’s mid-market multifamily expertise in Rogers Park.
Kyle Shoemaker, managing director of AHIB represented the buyer, Preservation of Affordable Housing (POAH), and seller, a non-for-profit.
Levy House is a 57-unit, seven-story apartment building that offers one-bedroom, one-bathroom floor plans. The multifamily property previously operated as an elderly housing and POAH plans to keep and expand the property’s rent affordability.
“This is a wonderful property and a great opportunity for us to preserve affordable housing in a rising real estate market,” said vice president Konrad Schlater, POAH’s project manager. “We’re excited to be working in Rogers Park and adding to our growing North Side portfolio.”
Upon acquisition, POAH will work with the city of Chicago and Chicago Housing Authority to expand the property’s affordability and execute a rehab and modernization plan. POAH now owns roughly 2,000 apartment units in Chicago.
“As someone specializing in affordable housing sales, it’s great to see that the new ownership will continue with the property’s currently targeted demographic,” said Shoemaker. “While a portion of the property operated with a rent subsidy from the Chicago Low Income Housing Trust Fund, POAH will be able to expand the property’s affordability with additional assistance from the Chicago Housing Authority.”