CHICAGO, IL - Evergreen Real Estate Group, a leader in the acquisition, development, rehabilitation and management of both affordable and market-rate multifamily housing, today announced it has been retained to manage multifamily communities comprising a total of 1,377 units across Illinois, Minnesota, Ohio and Virginia. The assignments include a mix of market-rate units and affordable housing for families, seniors and disabled individuals, expanding Evergreen’s management portfolio to more than 10,000 units.
“While some of the new management contracts were underway just before COVID-19, many started during the pandemic, and we have taken great care to help residents of each community navigate these uncertain times,” said Steve Rappin, president of Evergreen Real Estate Group. “The owners of these properties recognize and appreciate the high level of service we deliver, which is especially beneficial for seniors and other residents who are more vulnerable. At each turn of the pandemic, our management teams have gone the extra mile to keep our residents safe and healthy by conducting well-being checks, arranging for on-site vaccination clinics, and developing creative ways to keep residents active and in touch with each other and their community.”
The new management assignments include the following properties:
- 6900 S. Crandon Apartments – 152-unit affordable senior housing community in Chicago
- 6920 S. Crandon Apartments – 65-unit affordable family housing community in Chicago
- Armory Square – 50-unit affordable family housing community in Waukegan, Ill.
- Byrneport Apartments – 100-unit affordable family housing community in Toledo, Ohio
- Fountain Square Apartments – 110-unit affordable senior housing community in Toledo, Ohio
- Haven St. Charles Apartments – 81-unit market-rate housing community in St. Charles, Ill.
- Highland Crest Apartments – 20-unit affordable family housing community in Toledo, Ohio
- Labor Retreat Apartments – 77-unit affordable senior and disabled housing community in Minneapolis
- Lakewood Plaza – 200-unit affordable senior and disabled housing community in Norfolk, Va.
- Norwich Apartments – 77-unit affordable family housing community in Toledo, Ohio
- Ottawa Cove Apartments – 100-unit affordable family housing community in Toledo, Ohio
- Providence Pointe – 142-unit affordable family housing community in Peoria, Ill.
- Ravenswood Senior Living – 74-unit affordable senior housing community in Chicago
- Ridgeland & Yates Apartments – 31-unit affordable family housing community in Chicago
- Shakopee Village Apartments – 68-unit affordable senior housing community in Shakopee, Minn.
- South Apartments – 30-unit affordable family housing community in Chicago
“The additions to the portfolio include a number of third-party fee management assignments, as well as communities like Ravenswood Senior Living, which was developed by Evergreen in partnership with the Chicago Housing Authority and Synergy Construction Group,” said Rappin. “Each property is treated as our own, which results in enhanced resident service and improved financial performance.”
Rappin added that the firm’s integrated construction, development, acquisition and management teams work hand-in-hand to provide expertise across disciplines, which is a model that benefits not only residents, but also third-party owners.
As property manager, Evergreen will oversee site-level operations and, in some communities, spearhead capital improvements using Low-Income Housing Tax Credits (LITHC) and other subsidies. “Many of these communities are already undergoing a substantial renovation or will begin rehab in 2022 and 2023,” said Rappin. “In the case of Providence Pointe in Peoria, our management team is working with a third-party owner/developer on a RAD conversion that includes the demolition of existing units and the construction of new units, providing a modern, high-quality and safe new community for seniors, families and disabled residents."