Evergreen Invests $13.3 Million in Acquisition and Renovation of Two Affordable Housing Communities on Chicago’s North Side

  

Steve Rappin

CHICAGO, IL (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.”

For a complete copy of the company’s news release, please contact:

Kelly Shumaker, kshumaker@taylorjohnson.com, (312) 267-4519

Abe Tekippe, atekippe@taylorjohnson.com, (312) 267-4528