Bringing new ownership to one of Chinatown’s oldest residential mid-rises, Jonathan Rose Companies’ (Rose) affiliate, the Rose Affordable Housing Preservation Fund V, acquired Archer Courts, the 146-unit apartment complex at the corner of Princeton and Archer streets.
Rose purchased the property from long-time affordable housing developer, Tony Fusco, for $11,600,000 with Federal Housing Authority financing arranged by Prudential Huntoon Paige. Following several meetings with residents and community stakeholders, construction has now commenced to renovate the building.
The construction scope, which is targeting Enterprise Green Communities certification, is focused on upgrades to units and community spaces, improvements to mechanical and electrical systems to promote energy efficiency, repairs of the building envelope to prevent water intrusion, and site work to enhance accessibility and security.
Max Jawer, director of acquisitions for Rose stated: “In addition to focusing on capital improvements, we’ve extended the affordability under the HUD Section 8 HAP contract, are bringing on a new resident services coordinator in keeping with our Community of Opportunity programming, and working with a trusted property management partner, Prairie Management & Development, who also owns and manages the adjacent Chinatown Elderly Apartments.”
Archer Courts is one of Chicago’s longest standing affordable housing developments for seniors and families. The property was built in 1951 on land owned by CHA but provided to the developers through a long-term ground lease. Under prior ownership, the complex at 2422 S. Princeton was most recently renovated in 1999 by Landon Bone and Baker Architects, winning accolades for replacing an unsightly chain link fence that ran the full width and height of the building. Now, a further modernization is under way with new ownership.
In near proximity to Archer Courts on the city’s Near West Side, Rose is also in the process of acquiring the Barbara Jean Wright Apartments from the same seller, who is liquidating his real estate portfolio. Since acquiring its first property in Chicago in 2012, by mid-2022 Rose expects to own 2,100 units under management on the north, west and south sides of the city, and the near suburbs.