Evergreen Real Estate Group to Lead Development of New Affordable Senior Housing in Naperville, Ill.
Project will add 68 residences and enhance accessibility and safety at Martin Avenue Apartments
CHICAGO (Jan. 23, 2019) – Evergreen Real Estate Group, a leader in the development, rehabilitation and management of both affordable and market-rate multifamily housing, has announced plans to upgrade and expand Martin Avenue Apartments, a 122-unit affordable senior housing community in Naperville, Ill. The $38.6 million project will be completed in partnership with the community’s owner, Naperville Elderly Homes Inc.
“Martin Avenue Apartments has been a pillar of senior living in the Naperville area for 50 years, and we are proud to have been selected to modernize and improve the community,” said Kevin Beard, director of acquisitions for Evergreen Real Estate Group. “The thoughtful renovations and additions will enhance livability for residents and further create a sense of home and community. The improvements also will increase accessibility and safety for seniors.”
Located at 310 Martin Ave., the community currently consists of 81 studio and 41 one-bedroom units that will be improved with all-new bathrooms, flooring, light fixtures and A/C units, as well as upgraded kitchens. Seven of the apartments will be converted to fully accessible units. In addition, a new five-story wing – connected to the main building via a one-story link featuring a new bistro and solarium – will add 68 apartments, most of which will feature one-bedroom floor plans.
Construction is scheduled to begin in late spring, with completion expected in late 2019 for the existing structure and mid-2020 for the new units. All 190 apartments will be reserved for low-income seniors age 62 and older who meet federal income requirements.
“The development plans ensure the preservation of 122 units at affordable rents plus the addition of 68 new affordable units, along with enhanced and expanded community and recreation spaces,” said Dave Weeks, president of the board of Naperville Elderly Homes Inc. “Since 1974, we’ve been proud to serve as a cornerstone of the community, providing a much-needed source of housing for local low-income seniors, and we are thrilled to announce this exciting new phase.”
Evergreen Construction Co., a division of Evergreen Real Estate Group, and Wight Construction Services have been retained as general contractors for the project, with Evergreen managing the overall project on behalf of the joint venture. Evergreen Real Estate Group, which has managed the property since August 2018, will continue to oversee operations after renovations are complete. Chicago-based Worn Jerabek Wiltse Architects is the architect for the overall project design.
“We have extensive experience in the construction of residential apartments and look forward to improving this community and enhancing the lifestyle for its residents,” said Andre Pintauro, president of Evergreen Construction Company.
Working in partnership with the Illinois Housing Development Authority (IHDA), U.S. Bancorp CDC and Wintrust Bank, Evergreen secured nearly $20 million in low-income housing tax credit equity to help finance the project. Other key financial partners include the city of Naperville, DuPage County and the DuPage Housing Authority.
When completed, the existing building will feature a new roof as well as fresh paint, flooring and light fixtures in common areas. Outdoors, the second-floor terrace will be refurbished, while existing patios will be enlarged and enhanced with new lighting, walkways, permanent benches and moveable furniture. In addition, the building will get a new entranceway and canopy, and common areas and community rooms will be reconfigured and updated to provide more flexible, multi-functional spaces.
Martin Avenue Apartments is located approximately 1 mile south of downtown Naperville, which offers a host of shopping, dining and entertainment. The community is also adjacent to several parks and the Edwards Medical Center campus, which offers residents convenient access to doctors and emergency care.
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 in 10 states. Evergreen specializes in thoughtful, creative residential development solutions. From adaptive reuse of historic buildings to new development in cities and towns facing a shortage of affordable housing, Evergreen is led by a passionate, cross-disciplinary team of developers, architects, urban planners and attorneys who have come together to create high-quality apartment communities, often in collaboration with local municipalities and financial partners who share its vision of investing not just in real estate, but also the people who call our communities home. Evergreen currently owns and manages 8,500 units of multifamily housing across 10 states.
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Editors:
For more information or to schedule an interview, contact Kathryn Kjarsgaard, [email protected] or (312) 267-4514.
Photo captions:
Martin Avenue Senior Housing Entry: Chicago-based Evergreen Real Estate Group has announced plans to upgrade and expand Martin Avenue Apartments, an affordable senior housing community in Naperville, Ill.
Martin Avenue Apartments – New Wing: Plans for upgrading and expanding Martin Avenue Apartments include a new five-story wing of 68 apartments that will be connected to the main building via a one-story link featuring a new bistro and solarium.
