Evergreen Real Estate Group has started pre-leasing at its new 40-unit rental community in downtown Mundelein, Illinois, the company said Wednesday.
Located at 407 E. Hawley St., the $13.5 million development is considered affordable housing, the first of its kind in Mundelein in “many years,” and is expected to have leases start later this month. The property will include a mix of one-bedroom units up to three-bedroom units, and has rent prices aimed for households earning 60 percent or less of the area median income.
The three-story property is an expansion and conversion of an old, one-and-a-half brick building that previously was a light industrial building. Evergreen reportedly partially funded the venture with $5.6 million in low-income housing tax credit it had secured.
“We are pleased that the construction phase on the Fairhaven Crossing development is complete,” said Steve Lentz, Mundelein’s mayor. “We appreciate the building’s quality construction, innovative design and close attention to detail throughout the property and look forward to the official grand opening.”
Fairhaven Crossing also has 30 percent of its units that are geared toward individuals with disabilities. The company worked with the Lake County Center for Independent Living on the units’ designs and other accommodations.
“The Chicago area, like much of the country, is struggling with a shortage of affordable housing, making it extremely difficult to find apartments that are either ADA-accessible or large enough to house a family,” said Larry Pusateri, a development partner for Evergreen, which will also manage the community. “Fairhaven Crossing was designed to fill this void in the market, providing quality housing tailored to the needs of these underserved groups.”
The units will also feature vinyl plank flooring, energy star rated appliances, in addition with building amenities like a laundry room, playground and computer lab. Fairhaven Crossing is also located near the downtown Mundelein area and other means of transportation.