Multifamily N Illinois

Habitat Company acquires West Side housing development

East-Park-SRO-1-e1495743190907

The Habitat Company, a multifamily developer and property manager, closed on a West Side housing development and rehab project totaling $16 million. The 153-unit, single-room occupancy community in Chicago's East Garfield Park neighborhood.

The Habitat Company, a multifamily developer and property manager, closed on a West Side housing development and rehab project totaling $16 million. The 153-unit, single-room occupancy community in Chicago's East Garfield Park neighborhood.

Renovations have already begun at 3300 W. Maypole Ave. and were scheduled to be complete in May 2018.

Habitat developed East Park SRO in 1994 through an affiliate, East Park Limited Partnership, and has managed the community since its first residents. The latest financial commitment aims to ensure the development remains affordable and plans to add enhancements for residents.

Some of the upgrades include LED lighting, high-efficiency boilers, new in-unit heating and cooling, new roof, masonry repairs, mechanical upgrades, landscaping, lighting improvements and other in-unit upgrades. The process will take about 13-months and residents will move to alternate apartments at the property until their apartments are renovated.

The  company's management portfolio comprises more than 22,000 units across five states, 10,000 of which are affordable or public housing. In Chicago, Habitat is the largest property manager for the Chicago Housing Authority.

Last year the company launched Generations Housing Initiatives, a separate non-profit entity created to provide social services programs. GHI will partner with Major Adams Committee and Breakthrough Ministries to provide additional services to help residents at East Park become self-sufficient.