CHICAGO (Jan. 4, 2017) – Evergreen Real Estate Group, a leader in the development, rehabilitation and management of both affordable and market-rate multifamily housing, today announced the start of pre-leasing at Fairhaven Crossing, a 40-unit affordable rental community in downtown Mundelein, Ill. The transit-oriented development, the first affordable housing community to be developed in Mundelein in many years, will welcome its first residents later this month.
Located at 407 E. Hawley St., Fairhaven Crossing includes a mix of one-, two- and three-bedroom units, with affordable rents for households earning 60 percent or less of the area median income (AMI). Part of a broader initiative to transform downtown Mundelein into a walkable mixed-use district, the $13.5 million project involved converting and expanding a vacant 1½- story brick building on the site – previously a light industrial building – into a three-story residential building. The redevelopment was partially funded using $5.6 million in low-income housing tax credit financing secured by Evergreen Real Estate Group.
“We are pleased that the construction phase on the Fairhaven Crossing development is complete,” said Steve Lentz, mayor of Mundelein. “We appreciate the building’s quality construction, innovative design and close attention to detail throughout the property and look forward to the official grand opening.”
Built to meet the criteria of Enterprise Green Communities, a green building standard originally developed for affordable housing, Fairhaven Crossing includes 12 apartments set aside for individuals with disabilities. Evergreen sought input from the Lake County Center for Independent Living (CIL) on the design of common areas and residences, four of which were customized to accommodate future residents’ physical requirements.Fairhaven Crossing is also a family-friendly community, offering three-bedroom floor plans in half of the units.
“Fairhaven Crossing is a great addition to downtown Mundelein, taking an underutilized yet highly visible site and reimagining it as a vibrant residential community,” said Larry Pusateri, development partner for Evergreen Real Estate Group, which will also manage the community. “The Chicago area, like much of the country, is struggling with a shortage of affordable housing, making it extremely difficult to find apartments that are either ADA-accessible or large enough to house a family. Fairhaven Crossing was designed to fill this void in the market, providing quality housing tailored to the needs of these underserved groups.”
Each unit will include a living/dining room and open kitchen with vinyl plank flooring and Energy Star-rated appliances. Residents will also have access to a variety of on-site amenities, including a laundry room; a community room with full kitchen; computer lab; bike storage; playground; and landscaped courtyard areas.
Fairhaven Crossing will also offer convenient access to nearby parks, as well as shops, restaurants and essential services in downtown Mundelein. In addition, the community is a short walk from the Mundelein Metra station and several bus stops.
“The central location of Fairhaven Crossing and its proximity to public transportation will make the community accessible to residents of all ages, including those with limited mobility,” said Pusateri. “We’re proud to be working alongside Mundelein officials in creating much-needed housing that will contribute to the ongoing revitalization of downtown and encourage additional investment in the area.”
For more information, or to schedule a showing, call (847) 970-9216 or email [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 6,500 units of multifamily housing.
