The Habitat Company, announced it has acquired and will manage three properties including Renaissance West in the trendy Logan square neighborhood, Lyndale Place in Bucktown and York Terrace Apartments near Chicago’s HistoricPrairie District.
In a deal brokered by Kiser Group and Affordable Housing Investment Brokerage, Habitat acquired two communities that fall under the umbrella of its Affordable Group.
Renaissance West, located at 2517 W. Fullerton Ave., is a 100-unit building comprised of studio apartments while Lyndale Place, a 67-unit vintage courtyard apartment is located at 2575 W. Lyndale St. and features one-, two- and three-bedroom units.
The Habitat Company plans to replace and upgrade a number of the building systems in order to provide an improved tenant experience. Additionally, Habitat’s Generations Housing Initiative (GHI) will provide resident services to both buildings that include health and wellness programs and coordinated access to supportive services for individuals and families.
“Whenever an acquisition involves Section 42 Low Income Housing Tax Credits (LIHTC), it can be an arduous closing process,” said Michael D’Agostino, director at Kiser Group in a statement. “With two LIHTC properties involved, this complicated deal took nearly two years to complete due to the approvals needed from multiple government bodies. That said, the wait was worth it. Both buildings are stabilized so Habitat can continue to provide affordable housing for residents.”
The third property, York Terrace apartments is comprised of one 21-story building and two four-story buildings for a total of 331 units. Located at 2701 and 2727 S. Indiana and 2740 S. Prairie Ave., the market-rate development is in proximity to the new Marriott Marquis Chicago and DePaul’s new Wintrust Arena. The property was developed by The Habitat Company in 1969, the recent acquisition of York Terrace, through a joint venture with KIN Properties brings the building back to Habitat.
According to Fiascone, all units will be renovated along with the building’s exterior, common spaces, mechanical systems, roofing and offices. Each unit will receive new appliances, cabinets, countertops, mirrors, flooring, and lighting and plumbing fixtures. Renovations are anticipated to start in February 2018 with completion scheduled for 2021.
The addition of these three properties brings the number of apartment acquisitions this year to seven communities for The Habitat Company, totaling just over 1,200 units.