CHICAGO—Chicago-based The Habitat Co. has closed on the $16 million acquisition and rehabilitation of a 153-unit, single-room-occupancy community in Chicago's East Garfield Park neighborhood. The firm has already started to renovate the property, and plans to complete the work in May 2018.

The new project is a good illustration of one aspect of the company's overall strategy. As reported in GlobeSt.com, although it has set a goal of expanding operations beyond Chicago, Habitat also aims to retain its leadership in the local affordable housing sector.

“The Habitat Co. started as an affordable housing developer 46 years ago, and while we are diversified in market-rate and condo management disciplines, we're consistently looking to grow our affordable housing portfolio with meaningful projects,” says Matt Fiascone, who became president of Habitat in 2014. “Preserving the affordability of East Park SRO demonstrates how important public-private partnerships are to both provide affordable housing opportunities and link residents with the supportive services they need to become self-sufficient.”