Rose Affordable Housing Preservation Fund V, a Jonathan Rose Cos. affiliate, has acquired a longtime residential community in Chicago’s Chinatown.
The firm purchased the 146-unit Archer Courts from affordable housing developer Tony Fusco for $11.6 million with Federal Housing Administration financing arranged by Prudential Huntoon Paige.
“Preserving affordable housing and important community assets like Archer Courts is at the heart of our company’s work. We are thankful for the cooperation and support we received from residents, public-sector partners, and the former owners,” said Nathan D. Taft, senior managing director of acquisitions and partner at Rose. “We are excited to have commenced renovations to improve the homes of residents with an eye toward energy efficiency, comfort, and enhanced amenities.”
The construction scope, which is targeting Enterprise Green Communities certification, is focused on upgrades to units and community spaces, improvements to mechanical and electrical systems to promote energy efficiency, repairs of the building envelope to prevent water intrusion, and site work to enhance accessibility and security, said firm officials.
25th Ward alderman Byron Sigcho-Lopez expressed his support. “We want longtime residents to maintain their place in the Chinatown community, and Rose’s ownership ensures affordability for existing tenants and provides the extensive renovation that will improve Archer Courts and the quality of life for all of its residents,” he said.
In addition to focusing on capital improvements, the Rose team is extending the affordability under a federal Section 8 Housing Assistance Payment contract and bringing on a new resident services coordinator in keeping with its Community of Opportunity programming, according to Max Jawer, director of acquisitions at Rose.
The firm is working with property management partner Prairie Management & Development, which also owns and manages the adjacent Chinatown Elderly Apartments.
Archer Courts is one of Chicago’s longest-standing affordable housing developments for seniors and families. The property was built in 1951 on land owned by the Chicago Housing Authority but provided to the developers through a long-term ground lease. Under prior ownership, the complex was most recently renovated in 1999 by Landon Bone Baker Architects.
In near proximity to Archer Courts on the city’s Near West Side, Rose is also in the process of acquiring the Barbara Jean Wright Apartments from the same seller, who is liquidating his real estate portfolio. Since acquiring its first property in Chicago in 2012, by mid-2022 Rose expects to own 2,100 units under management on the north, west, and south sides of the city and the near suburbs.
