Preservation Equity Fund Advisors LLC, a real estate private equity group focused on preserving existing affordable housing in high-cost markets, has acquired Belmont Place Senior Apartments, a 110-unit affordable housing community for seniors aged 65+ located in Chicago, Cook County, Illinois.
“As one of the most populous cities in the U.S., Chicago is consistently up against affordable housing challenges. Through this investment, PEF Advisors is able to use preservation investment strategies to confront the shortage of affordable housing and to narrow the gap in affordable housing in Cook County,” said Ann Caruana, president and chief investment officer at PEF Advisors.
Built in 1999 with low-income housing tax credits, the seven-story building will include 44 units at 50% area median income (AMI) and 64 units at 60% AMI through 2039. The property is governed by a Land Use Restrictive Agreement (LURA) with the Illinois Housing Development Authority and a HOME agreement with the City of Chicago.
Belmont Place Senior Apartments offers a variety of unit amenities, such as fully equipped kitchens with refrigerators, ranges, microwaves and dishwashers, as well as wall-unit heating/cooling systems. The property includes a community center room, library and laundry facilities for residents. While the property is a well-constructed mid-rise built 23 years ago, PEF Advisors will be investing over $10,000 per unit to address deferred maintenance and help preserve the quality and curb appeal as well as reinvigorate the tenants’ pride of living here. Furthermore, energy efficiency retrofits will be installed to reduce energy consumption and utility costs.
Located just 8 miles from downtown Chicago, residents benefit from walkability with an 88 walk score as well as the ability to explore the region’s attractions and amenities via nearby and easily accessible public transportation.