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Rose Companies Acquires BJ Wright Apartments on Near West Side
One of the largest affordable housing developments on Chicago’s Near West Side has a new owner and a guarantee of affordability. The Jonathan Rose Companies has completed its purchase of the 272-unit Barbara Jean Wright Court Apartments from the Chicago Community Development Corporation for $17.5 million and has committed another $46 million to the rehabilitation of its apartments and common spaces.
Rose senior managing director Nathan D. Taft said, “With the housing markets in the West Loop and Pilsen booming, all – including HUD, the city’s Department of Housing, the state, the alderpersons, the Chicago Housing Authority, the tenants and the tenant advocates –were united in our efforts to preserve this critical piece of affordable housing.”
All but 21 units at BJ Wright will be preserved as affordable. Rose Companies will undertake extensive renovations of the property, which was last refurbished more than 20 years ago.
- ◦Sale/Acquisition
