Jonathan Rose Companies (Rose) has announced the acquisition of Englewood Gardens, the 11th deal to close into the Rose Affordable Housing Preservation Fund V (The Fund). Englewood Gardens is a 13-building, 167-unit, family-designated scattered-site Section 8 property located in Chicago’s Englewood neighborhood.
In this latest Chicago acquisition of buildings in a portfolio formerly owned by Chicago Community Development Corporation (CCDC), The Fund partnered with a local developers Deonna and Steve Thomas of 5T Management to acquire the property for $10.7 million with 5T assuming management of the properties going forward. The acquisition was financed by assumed loans from Freddie Mac and the City of Chicago’s Department of Housing (DOH). 5T Management took over management of Englewood Gardens at the time of closing.
With an infusion of new capital into the properties, 5T will oversee a renovation that will feature new flooring in all units, cabinet upgrades, fire/life safety improvements, greening upgrades, and exterior and MEP repairs. Local hiring will be a feature of the partnership’s investment at Englewood Gardens. The renovation is anticipated to last one year. Equally important to the partnership, 5T will engage its local network of health care providers, education centers, and other social services resources to help deliver new services to residents.
Preservation and renewal of the properties has been greeted warmly by the elected leadership of the communities where the properties are located.
