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Chicago & Midwest  + South Side  + Apartments  | 

POAH Acquires Rentals Across from Future Obama Center

Preservation of Affordable Housing (POAH) has finalized the $29.5-million acquisition of Island Terrace Apartments in the South Side’s Woodlawn neighborhood from PNC Bank.  Located at 6430 South Stony Island, across from the planned Obama Presidential Center, Island Terrace has 240 apartments for a broad range of incomes and household sizes. 

“Through this acquisition, we now have preserved and expanded housing opportunities from the west end of Woodlawn to the very eastern edge,” said Bill Eager, SVP at POAH.

The property was once owned by George E. Johnson Sr., founder of Chicago-based cosmetic company Johnson Products, and owned by PNC bank since 2015.  “PNC’s thoughtful sale of Island Terrace to POAH ends the anxiety that so many felt,” said Ald. Leslie Hairston.

She added, “POAH’s record of housing preservation, high-quality building and renovation work and thoughtful management makes us confident in the future of affordable housing in this fast-changing community.”  


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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).