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.