CHICAGO (June 28, 2016) — Evergreen Real Estate Group, a fully integrated real estate company that develops, acquires and manages affordable and market-rate multifamily apartments, today announced it has acquired a pair of affordable senior housing communities in Chicago’s Rogers Park neighborhood. Over the next 12 months, Evergreen plans to renovate both properties – a 45-unit building at 1420 W. Farwell Ave. and 40-unit building at 1345 W. Jarvis Ave. In conjunction with its acquisition of the communities, Evergreen also secured a 20-year extension of the properties’ Section 8 Housing Assistance Payment contract, maintaining the affordability of the residences through 2036.
“Chicago, like many cities across the country, is in the middle of an affordable housing crisis, so the preservation of the city’s existing affordable housing stock – particularly communities dedicated to seniors – is more vital than ever,” said Steve Rappin, president of Chicago-based Evergreen, which will manage both properties. “The extension of the Section 8 program at each community will allow current residents to remain in their homes and give Chicago seniors a viable housing option as rents in the city continue to climb.”
Each property includes of a mix of studio and one-bedroom apartments as well as several common areas, including a resident lounge, computer room and laundry facility. As part of its renovation, Evergreen will make extensive structural and mechanical improvements to the buildings, including updated plumbing and electrical systems. In addition, common areas and corridors will be renovated, and units will receive updates to increase livability. Evergreen will also improve the accessibility of each community by completing elevator repairs and retrofitting select units to be fully accessible.
“Both buildings were constructed over 80 years ago and have not been significantly updated since,” said Rappin. “It’s our goal to modernize each community in a way that facilitates independent living and fosters a strong sense of community among the seniors who call these buildings home.”
The buildings’ locations are particularly attractive to residents. With a Walk Score® of 83, the surrounding neighborhood facilitates a walkable lifestyle. Each property’s proximity to bus and rail lines allows seniors to travel throughout Rogers Park and other parts of the city, providing further independence.
Under Evergreen’s management, each community will continue to offer a service coordinator to arrange onsite nurse visits and social programming for residents, including bingo games and film screenings. In addition, shuttle transportation will be provided for residents interested in visiting nearby shopping and dining destinations.
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. Evergreenspecializes 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 6,500 units of multifamily housing.
