Preservation Equity Fund Advisors, LLC (PEF Advisors), a real estate private equity group focused on preserving existing affordable housing in high-cost markets, announced their recent acquisition of Freedom Village, an existing apartment community in Homewood, Cook County, Illinois. This is PEF Advisors’ second acquisition in Cook County in the past 12 months.
Originally built in 1998 with tax credits from the Illinois Housing Development Authority, Freedom Village is a single three-story building which serves low-income seniors. Comprised of 198-units, the property includes a mix of 124 one-bedroom units and 74 two-bedroom units. All of Freedom Village’s 198-units are allotted at 60% area median income (AMI).
Freedom Village is 98.5% occupied (as of November 2022) and provides an abundance of amenities, both in-unit and within the apartment community. Units include fully equipped kitchens with refrigerators, ranges, dishwashers, six-panel wood doors, in-unit heating/cooling systems, vinyl plank & carpet flooring and walk-in closets for the two-bedroom units. Within the property, there is a community room with a kitchen, elevators, lounges, outdoor patio with BBQ grills, library, laundry facilities, fitness center and a game room with a pool table. Parking consists of 40 garage spaces and 93 surface spaces.
