
Jonathan Rose Companies Adds Englewood Gardens to Chicago Affordable Portfolio
Jonathan Rose Companies has acquired Englewood Gardens, the 11th deal to close into the Rose Affordable Housing Preservation Fund V. Englewood Gardens is a 13-building, 167-unit, family-designated scattered-site Section 8 property located in Chicago’s Englewood neighborhood.
In this latest Chicago acquisition of buildings in a portfolio formerly owned by Chicago Community Development Corporation, the fund partnered with a local developers Deonna and Steve Thomas of 5T Management to acquire the property for $10.7 million, with 5T assuming management of the properties. The acquisition was financed by assumed loans from Freddie Mac and the City of Chicago’s Department of Housing.
“We are thrilled about the opportunity to partner with 5T and preserve affordable housing in a neighborhood that has suffered for years of chronic disinvestment, while also enriching the surrounding communities with social services,” said Nathan D. Taft, partner and senior managing director at Jonathan Rose Companies.
- ◦Sale/Acquisition