Evergreen Real Estate Group has acquired a pair of affordable senior housing communities in Chicago’s Rogers Park neighborhood. Over the next 12 months, Evergreen plans to renovate both properties – a 45-unit building at 1420 W. Farwell Ave. and 40-unit building at 1345 W. Jarvis Ave.
In conjunction with its acquisition of the communities, Evergreen also secured a 20-year extension of the properties’ Section 8 Housing Assistance Payment contract, maintaining the affordability of the residences through 2036. Each property includes of a mix of studio and one-bedroom apartments as well as several common areas, including a resident lounge, computer room and laundry facility.
As part of its renovation, Evergreen will make extensive structural and mechanical improvements to the buildings, including updated plumbing and electrical systems. In addition, common areas and corridors will be renovated, and units will receive updates to increase livability. Evergreen will also improve the accessibility of each community by completing elevator repairs and retrofitting select units to be fully accessible.
“Both buildings were constructed over 80 years ago and have not been significantly updated since,” Rappin said. “It’s our goal to modernize each community in a way that facilitates independent living and fosters a strong sense of community among the seniors who call these buildings home.”