Chicago-based The Habitat Company has assumed property management of The Drexel Properties, a 155-unit affordable housing development in Chicago’s Kenwood neighborhood. Owned by Beverly Hills, California- based BLVD Capital, The Drexel Properties marks the fourth property Habitat has managed for the California firm since May 2017.
“Habitat has always been committed to affordable housing and we remain dedicated to the sector today,” said Matt Fiascone, president, The Habitat Company. “We are truly thankful and honored when companies like BLVD Capital continue to seek us out because of our affordable housing management expertise and are pleased to continue partnering with them to ensure the properties are impeccably run and maintained for residents.”
The four BLVD Capital properties under Habitat’s management in the Chicago area are The Drexel Properties at 4420-4428, 4532-4542 and 4700-4712 S. Drexel and 4725-4727 S. Ingleside, comprising 155 one-, two- and three-bedroom apartments in the Kenwood neighborhood; Garden Estates at 909 Pine Tree Court, comprising 174 one-, two- and three-bedroom apartments in Michigan City, Indiana; Indian Trails Apartments at 251 E. 121st Place, 221 E. 121st Place and 12141 S. Indiana Avenue, comprising 180 one- and two-bedroom apartments in Chicago’s Roseland area and Ridge Garden Apartments at 10010-10040 S. Sayre Avenue, comprising 132 one-bedroom apartments in Chicago Ridge, Illinois.
Making up the Drexel Properties are four courtyard-style buildings that include popular local retail services such as a hairdresser, grocery store and other retailers. Including the 641 rental units owned by BLVD Capital, Habitat’s affordable housing management portfolio now totals more than 10,000 total units.
“As we continue to see out-of-town owners and investors drawn to Chicago’s multifamily market, it makes perfect sense that they would want a boots-on-the-ground property management firm that has deep ties to the local market,” said Fiascone. “That’s even more true when it comes to the affordable housing sector. Our expertise in managing affordable housing properties definitely sets us apart.”
