As part of its renovation, which will occur in phases, Evergreen will make kitchen and bathroom upgrades in each unit and retrofit 18 apartments to make them handicapped-accessible. In addition, Evergreen will make extensive structural and mechanical improvements to the buildings, such as elevator and roof repairs, and update corridors and common areas.

“As with all of our renovation projects, we try to be as transparent as possible with our residents and look to include them in the decision-making process,” adds Rappin. “We do this through regular resident meetings and an on-site property manager who readily addresses any concerns and works to minimize disturbances. We feel that the more residents are involved with planning renovations, activities and resources needed to improve their day-to-day lives, the more successful our efforts will be.”

CHICAGO—Evergreen Real Estate Group, a provider of both affordable and market-rate multifamily housing, recently acquired Oak Tree Towers, a 165-unit affordable senior housing community in Downers Grove, IL. The Chicago-based company plans a $4 million renovation over the next six months, and also just secured a 20-year extension of the property's Section 8 Housing Assistance Payment contract, maintaining the affordability of the residences through 2037.

“Even as demand is increasing, the nation's supply of affordable rental housing – both subsidized and unsubsidized – is shrinking,” says Steve Rappin, president of Evergreen, which will also manage the property. “Acquiring and preserving Oak Tree Towers has made it possible for seniors to remain in their home and community, and as a company, we're proud to make that possible.”

As reported in GlobeSt.com, the company was recently retained to manage 11 affordable housing communities, including Oak Tree Towers, and comprising 1,436 units in IL, WI, and PA. These assignments include a mix of affordable housing units for families and seniors, bringing Evergreen's national management portfolio to nearly 7,000 units across the country.

Located at 1120 Warren Ave., Oak Tree Towers comprises two community buildings and two residential buildings, each with its own laundry room. The property's 165 apartments include a mix of studio and one-bedroom floor plans. The two community buildings house the property management office, a large community room, lounge, kitchen and a salon.

As part of its renovation, which will occur in phases, Evergreen will make kitchen and bathroom upgrades in each unit and retrofit 18 apartments to make them handicapped-accessible. In addition, Evergreen will make extensive structural and mechanical improvements to the buildings, such as elevator and roof repairs, and update corridors and common areas.

“As with all of our renovation projects, we try to be as transparent as possible with our residents and look to include them in the decision-making process,” adds Rappin. “We do this through regular resident meetings and an on-site property manager who readily addresses any concerns and works to minimize disturbances. We feel that the more residents are involved with planning renovations, activities and resources needed to improve their day-to-day lives, the more successful our efforts will be.”