Related Companies is acquiring 17 properties with 3,062 affordable-housing units across the Midwest.
Through a public-private partnership with the City of Chicago and Illinois Housing Development Authority, the affordable nature of the units will be preserved for an additional 30 years, while more than $262 million will be invested in the rehabilitation of the properties.
The portfolio acquired by Related Companies includes more than 1,500 units in Chicago, including the 628-unit Marshall Field Garden Apartments. That community was scheduled to lose its affordable designation in 2017, but has now seen it extended 30 more years because of Related’s acquisition.
Related also purchased Metroplex Inc., an affordable property management company in Illinois that runs 36 multifamily properties across four states.
