The Habitat Company won the property management contracts for four multifamily condominium properties in Chicago and northwest suburb, Prospect Heights, Illinois.
The 951-unit acquisition completes a 30 percent bump in The Habitat Company’s management portfolio over the last five months, the company said.
“As the condominium market continues its recovery, it makes sense that more condominium boards are looking to strengthen their building’s position in a competitive market,” said Matt Fiascone, president of The Habitat Company. “The boards and residents of these four communities will immediately benefit from Habitat’s in-depth expertise, successful and proven processes, streamlined services and personable staff.”
The three properties that Habitat has already taken over are Cornell Village at 5201 S. Cornell Ave., in Chicago; Park Place at 600 N. Kingsbury St. in Chicago; and River Trails at 811 Apple Drive in Prospect Heights.
Habitat will take over managing another property at 2400 N. Lakeview in Chicago in February, which is a 30-story luxury property with 262 units ranging from one to three bedrooms and is directly across from Lincoln Park.
Cornell Village is a complex of 166 homes, with 148 two- and three- bedroom condominiums and 18 townhomes, located in Hyde Park.
Park Place has 20 stories and includes 163 one- and two-bedroom units overlooking the Chicago River in River North.
Finally, River Trails is a 360-unit complex with condominiums ranging from one- to three-bedroom units.
Tenants of the four properties can expect to soon see additional amenities like a new tracking system to coordinate moving traffic, electronic assessment statements, board access to monthly financial reports and potential savings of at least 25 percent in premiums through the company’s Master Insurance Program, according to Diane White, senior vice president of condo management for The Habitat Company.
“In addition to our numerous processes that streamline a community’s daily operations, what boards and residents also appreciate is Habitat’s proactive approach in communicating with them to enhance the living experience for every condominium owner,” White said. “Each project is unique with distinct characteristics and needs, and Habitat’s goal is to implement and execute the directives as outlined to make the board’s vision for its community a reality.”