
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.”