Urban Innovations has acquired Prairie View Apartments, a 14-building, 84-unit affordable Low-Income Housing Tax Credit (LIHTC) senior housing community in Bellwood, Ill.
The property, located at 3500 Georgina Lane, was purchased on an all-cash basis. Urban Innovations plans to refinance the property and perform substantial rehabilitation on the property in the next 12 to 18 months. The purchase price of the property was $3 million.
With this acquisition, Urban Innovations and its affiliates now own and/or manage 34 affordable housing properties totaling more than 3,700 units in five states, including Illinois, Indiana, Pennsylvania, Kentucky and Arizona.
Prairie View Apartments was developed in 1998 by the Stough Group, the seller of the property.
Prairie View Apartments is marketed as a “distinguished affordable, active adult community.” It is age-restricted; residents must be at least 62 years old. Rents cannot exceed 60 percent of area median income.
One of the benefits of the property, according to Urban Innovations, is its location, which offers full convenience to the seniors, including shopping, healthcare and recreational options.
According to Monica Makin, vice president of acquisitions, residential housing at Urban Innovations, Prairie View Apartments represented a great acquisition opportunity, one that is in keeping with Urban Innovations overall affordable housing investment strategy.
“Prairie View is a well-constructed, well-located property that was attractively priced,” Makin said. “Though the vacancy rate is low, it is in need of substantial rehab. This represents a great value-add acquisition for UI.”
Urban Innovations plans a substantial redevelopment of the property, which may include roof and siding replacement as well as updating of existing appliances and unit amenities. The company is in the process of a comprehensive evaluation of individual units and common areas to determine the extent of the future redevelopment effort.