CHICAGO (Aug. 21, 2017) — Evergreen Real Estate Group, a leader in the development, rehabilitation and management of both affordable and market-rate multifamily housing, today announced it has acquired Oak Tree Towers, a 165-unit affordable senior housing community in Downers Grove, Ill. In conjunction with its acquisition of the community, which will undergo a $4 million renovation over the next six months, Evergreen secured a 20-year extension of the property’s Section 8 Housing Assistance Payment contract, maintaining the affordability of the residences through 2037.
“Even as demand is increasing, the nation’s supply of affordable rental housing – both subsidized and unsubsidized – is shrinking,” said Steve Rappin, president of Chicago-based Evergreen, which will also manage the property. “Acquiring and preserving Oak Tree Towers has made it possible for seniors to remain in their home and community, and as a company, we’re proud to make that possible.”
Located at 1120 Warren Ave., Oak Tree Towers comprises two community buildings and two residential buildings, each with its own laundry room. The property’s 165 apartments include a mix of studio and one-bedroom floor plans. The two community buildings house the property management office, a large community room, lounge, kitchen and a salon. As part of its renovation, which will be conducted in phases, Evergreen will make kitchen and bathroom upgrades in each unit and retrofit 18 apartments to make them handicapped-accessible. In addition, Evergreen will make extensive structural and mechanical improvements to the buildings, such as elevator and roof repairs, and update corridors and common areas.
“As with all of our renovation projects, we try to be as transparent as possible with our residents and look to include them in the decision-making process,” said Rappin. “We do this through regular resident meetings and an on-site property manager who readily addresses any concerns and works to minimize disturbances. We feel that the more residents are involved with planning renovations, activities and resources needed to improve their day-to-day lives, the more successful our efforts will be.”
Oak Tree Towers is within walking distance of the Downers Grove Metra station and shops and restaurants throughout downtown, making it easy for residents to stay active within the surrounding community. The property will also offer complimentary shuttle service to local grocery stores and other destinations throughout the area.
Additionally, residents of Oak Tree Towers will have access to a variety of social programs organized by Evergreen’s management team. These include weekly exercise classes, monthly lunches with entertainment, bingo and movie nights, and craft and knitting clubs. Residents will also benefit from on-site health screenings and deacon visits.
To learn more about Oak Tree Towers, contact Debbie Wenzlaff at [email protected],
About Evergreen Real Estate Group:
Founded in 1999, Chicago-based Evergreen Real Estate Group is a fully integrated multifamily company that develops, acquires and manages affordable and market-rate multifamily apartments for both seniors and families across eight states. Evergreen specializes in thoughtful, creative residential development solutions in communities around the Midwest. From adaptive reuse of historic buildings to new development in cities and towns facing a shortage of affordable housing, Evergreen offers an experienced team of attorneys, architects, and developers to municipalities seeking to create high-quality apartment communities. Evergreen currently owns and manages 7,000 units of multifamily housing.
