Evergreen Real Estate Group acquired Oak Tree Towers, a 165-unit affordable senior housing community in Downers Grove, Illinois.
In conjunction with its acquisition of the property, which will undergo a $4 million renovation over the next six months, Evergree secured a 20-year extension of the property’s Section 8 Housing Assistance Payment contract, maintaining the affordability of the residences through 2037.
“Even as demand is increasing, the nation’s supply of affordable rental housing – both subsidized and unsubsidized – is shrinking,” said Steve Rappin, president of Chicago-based Evergreen, which will also manage the property. “Acquiring and preserving Oak Tree Towers has made it possible for seniors to remain in their home and community, and as a company, we’re proud to make that possible.”
The property is located at 1120 Warren Ave. and comprises two community buildings and two residential buildings, each with its own laundry room. The property’s 165 apartments include a mix of studio and one-bedrooms. The two community buildings also house the property management office, a large community room, lounge, kitchen and a salon. Evergreen will make kitchen and bathroom upgrades in each unit and make 18 apartments handicapped-accessible. Structural and mechanical improvements as well as common area upgrades to the buildings will also be made.
Oak Tree Towers will also have a variety of social programs such as exercise classes, monthly lunches with entertainment, bingo and movie nights, and craft and knitting clubs.
